Although magnetic neural stimulation has many advantages over electrical neural stimulation, its main disadvantages are higher energy requirement and poor stimulation selectivity. The orientation and location of the coil with respect to the stimulation site play a critical role in determining the stimulation threshold and stimulation selectivity. Utilizing numerical simulations in this work, we optimized the design parameters, orientation, and positioning of magnetic coils with respect to the peripheral nerve for improved stimulation efficacy. Specifically, we investigated different orientations and positions of the figure-of-eight coils for neural stimulation of the rat sciatic nerve. We also examined the effect of coil design parameters (number of layers and turns) and different coil electrical configurations (opposite vs. same direction of coil currents and series vs. parallel coil connections) on the stimulation threshold. We leveraged the multi-resolution impedance method and a heterogeneous multi-fascicular anatomical model of rat sciatic nerve to explore the possibility of selective stimulation as well. Neural excitation of a nerve fiber was implemented by an equivalent cable model and Frankenhaeuser-Huxley equations using NEURON software. Results suggest that inter-fascicular selectivity could be achieved by properly orienting and positioning the coil with respect to the nerve. Further, by orienting the figure-of-eight coil at an angle of 90° and 6 mm offset, we could switch between primarily activating one fascicle (and barely activating the other) and reversing those roles by merely switching the current direction in the two coils of the figure-of-eight coil.