Drilling a wellbore can result in several types of vibration that lead to inefficient drilling and premature failure of drill string components. These vibrations are subdivided based on their operating direction into lateral, torsional, and axial vibrations. Especially in hard and dense formations, high-frequency torsional oscillations are found in the bottom-hole assembly (BHA). These critical vibrations are induced by a self-excitation mechanism caused by the bit–rock interaction. Self-excitation mechanisms are regenerative effects, mode coupling, or a velocity-dependent torque characteristic at the drill bit. To increase drilling performance and reduce tool failure due to high-frequency torsional oscillations, the critical vibration amplitudes localized at the bottom-hole assembly need to be minimized. Increasing the damping of self-excited systems to affect the energy output during vibration is a common approach to mitigate self-excited vibrations. In drilling systems, the achievable damping is naturally limited by the small installation space due to the drilled borehole diameter. Therefore, alternative methods to influence vibrations are necessary. Applying parametric excitation in self-excited systems can result in a parametric anti-resonance and therefore in an energy transfer within different modes of the structure. This allows, among other benefits, improved utilization of the structural damping. In this article, the influence of additional stiffness–based parametric excitation on self-excited torsional vibration in downhole drilling systems is investigated. For this purpose, a finite element model of a drill string is reduced using the component mode synthesis and analyzed with the goal to mitigate torsional vibrations. The multiple degree of freedom drill string model is investigated regarding the additional energy transfer due to the parametric excitation. Robustness of various parameters, especially with regard to the positioning within the bottom-hole assembly, is analyzed and discussed. Additionally, the problem of multiple unstable self-excited modes due to the nonlinear velocity-dependent torque characteristic in drilling systems is addressed.