In this work, the cold-spray technique was used to deposit Inconel 718–nickel (1:1) composite coatings on stainless steel substrate. A general full factorial design was adopted to identify the statistically significant operating variables, i.e., impingement angle, erodent size, and feed rate on the coating erosion response. Erodent feed rate, impingement angle, and the interaction between impingement angle and erodent size were identified as the highly significant variables on the erosion rate. Then, a model correlating the identified variables with the erosion rate was derived. The best combination of control variables for minimum erosion loss with respect to erodent feed rate, erodent size, and impingement angle was 2 mg/min, 60 μm, and 90°, respectively. To analyze the erosion mechanism, the erodent samples were finally observed using Scanning Electron Microscope (SEM).