Machining of hard to cut materials like titanium is always a challenge. Investigations on the application of hybrid manufacturing processes are still under study. Vibration assisted machining has proved its capability in manufacturing of these materials. The development of residual stress is influenced by cutting parameters, geometry of tool and material properties during machining and it has detrimental effect on the surface quality and fatigue life of the component. The nature of these stresses is also crucial and compressive stresses are desired for better fatigue life. In this work, an attempt is made to identify the influence of vibration parameters (amplitude and frequency), tool parameters (rake angle and tool nose radius) along with cutting speed on residual stresses through FEM simulation. The studies were conducted by simulating vibration assisted turning processes with Ti-6Al-4 V as work material. It was concluded that the residual stresses decreased as amplitude and frequency are increased respectively. Lower tool rake angles and nose radius are beneficial for producing compressive residual stress.