Previous studies have demonstrated that the use of counterflowing jets can greatly reduce the drag and heat loads on blunt-body geometries, especially when the long penetration mode jet condition can be established. Previously, the authors had done some preliminary numerical studies to determine the ability to establish long penetration mode jets on a typical Mach 1.6 slender configuration, and study its impact on the boom signature. The results indicated that a jet with a longer penetration length was required to achieve any impact on the boom signature of a typical Mach 1.6 slender configuration. This paper focuses on an in-depth parametric study, done using the space-time conservation element solution element Navier-Stokes flow solver, for investigating the effect of various counterflowing jet conditions/configurations on two supersonic slender-body models (cone-cylinder and quartic body of revolution). The study is aimed at gaining a better understanding of the relationship between the shock penetration length and reduction of drag and boom signature for these two supersonic slender-body configurations. Different jet flow rates, Mach numbers, nozzle jet exit diameters and jet-to-base diameter ratios were examined. The results show the characteristics of a short-to-long-to-short penetration-mode pattern with the increase of jet mass flow rates, observed across various counterflowing jet nozzle configurations. Though the optimal shock penetration length for potential boom-signature mitigation is tied to the long penetration mode, it often results in a very unsteady flow and leads to large oscillations of surface pressure and drag. Furthermore, depending on the geometry of the slender body, longer jet penetration did not always result in maximum drag reduction. For the quartic geometry, the maximum drag reduction corresponds well to the longest shock penetration length, while this was not the case for the cone-cylinder-as the geometry was already optimized for drag. Numerical results and assessments obtained from this parametric study along with the recommendation for future implementation of counterflowing jets as a means for drag and noise reduction are detailed in this paper. Nomenclature d j = Jet exit diameter, mm (or inch) d m = Model diameter, mm (or inch) h = distance away from the centerline of the body, cm L = Length, cm L p = Jet penetration length, cm (or inch)