Optical Wireless Communication has been an active area of research due to its diverse application fields. In this work, the main focus is on performance analysis of high speed low power inter satellite optical wireless communication (LP-IsOWC) on the basis of bit error rate (BER), Q-factor, signal power etc. Conventional intersatellite communication uses radio frequency (RF) system. RF systems have many drawbacks, which can be overcome by optical intersatellite links. Licenses and regulations are the limitation of RF satellite communication system. Large, unregulated spectrum is there in free space laser communication. During inter-satellite communication, the signal needs to travel longer distance. If RF system employed, the physical parameters of antenna will increase which in turn leads to a bulky communication system which require more power to operate resulting in rise of system operational cost.