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The intersatellite optical wireless communication (IsOWC) is used because higher data rates for longer distances can be achieved with minimum time delay. The analysis of 16x16 multiple Tx/Rx system using IM/DD and CO-QPSK techniques is done and from simulations, it is observed that maximum achievable distance of IsOWC link is a function of bit rates. For the transmission of data at longer distances, data rates should be low. The results of simulation for comparison between the two techniques in ISOWC system model are presented and discussed.