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Finite Element Analysis (FEA) has been successfully used in the simulation of sheet metal forming process. The accurate prediction of the springback is still a major challenge due to its sensitivity to the geometric modeling of the tools, strain hardening model, yield criterion, contact algorithm, loading pattern, element formulation, mesh size and number of through-thickness integration points, etc. The objective of this paper is to discuss the effect of numerical parameters on springback prediction using dynamic explicit FEA codes. The example used in the study is from the Auto/Steel Partnership High Strength Steel Rail Springback Project. The modeling techniques are discussed and the guidelines are provided for choosing numerical parameters, which influence the accuracy of the springback prediction and the computation cost.