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Springback prediction for stamped components is a challenging task for Automotive Industry. Automotive Manufacturers are working to reduce the springback effect of sheet metal stampings caused due to elastic behavior of materials with the help of changes to manufacturing process and part geometry. Recent development in Finite Element Analysis (FEA) studies made it possible for the industry to rely on stamping simulation. There is always a gap between the springback predicted from stamping simulation and the actual stamped part. Currently FEA techniques are trying to close this gap. The objective of this study is to minimize this gap using DFSS method for predicting the springback and optimizing the simulation parameters with the help of LS-Dyna FEM tool. The behavior of material with different simulation parameters has been studied in this paper and the ones that best correlate with actual data are identified.