At present, most of the electric vehicle transfers electrical power to grid or other vehicles by electrical conduction. Recently a novel concept of transferring electrical power through a universal magnetic plug has been proposed where the electromagnetic design of the magnetic plug is the key to optimize the system performance and is a multiphysics problem. In this paper, a systematic approach is presented to design and analyze the magnetic plug to push the technology further. Advanced soft magnetic material based different toroidal shape cores are considered. Initially plug size is selected considering power transfer capability, core saturation, core loss, and power quality. By analyzing the simulation results with ANSYS/Ansoft software, the optimum toroidal core is finally selected. The electrical and magnetic properties of the magnetic plug are investigated and presented along with magnetic field intensity, magnetic flux density, and winding configuration. It is expected that the approach would play noteworthy role for the next generation progress of the power transfer between electric vehicle to vehicle/grid.