Based on a very fast numerical procedure for the determination of the subsurface stress field beneath frictional contacts of axisymmetric elastic bodies under arbitrary 2D oblique loading, the contact mechanical influences of loading parameters and contact profile geometry on the Smith–Watson–Topper (SWT) fatigue crack initiation parameter in elastic fretting contacts with superimposed normal and tangential oscillations are studied in detail. The efficiency of the stress calculation allows for a comprehensive physical analysis of the multi-dimensional parameter space of influencing variables. It is found that a superimposed normal oscillation of the contact can significantly increase or decrease the SWT parameter, depending on the initial phase difference and frequency ratio between the normal and tangential oscillation. Written in proper non-dimensional variables, the rounded flat punch always exhibits smaller values of the SWT parameter, compared to a full paraboloid with the same curvature, while the truncated paraboloid exhibits larger values. A small superimposed profile waviness also significantly increased or decreased the SWT parameter, depending on the amplitude and wave length of the waviness. While both the load protocol and the profile geometry can significantly alter the SWT parameter, the coupling between both influencing factors is weak.