Wireless short-range transmission is essential for precise wellbore trajectory control and real-time formation evaluation. Its signal propagation characteristics are influenced by multiple factors, including antenna type, drill collar, mud, and formation resistivity. Most prior studies are based on Magnetic-field Antennas (MFA) and primarily focus on the effects of formation resistivity variations, whereas the investigations on the influence of drill collars and mud resistivity are limited. In this study, a three-dimensional finite-element electromagnetic model of the “antenna–drill collar–mud–formation” system was developed to investigate wireless short-range transmission. The model was used to characterize and compare the electromagnetic field distributions of MFA and Electric-field Antennas (EFA) under in situ conditions. On this basis, a set of parametric sensitivity analyses on transmission performance was performed to quantify the effects of key factors, including drill-collar conductivity and mud resistivity. The results reveal fundamentally different electromagnetic field distributions for the two antenna types: (1) MFA is dominated by localized circumferential magnetic flux loops, whereas EFA transmits signals through axially extended eddy-current channels. (2) The drill collar exerts opposite effects on the two antennas, suppressing signal levels for MFA while significantly enhancing transmission for EFA, resulting in signal amplitudes that are ${10}^3-{10}^5$ times higher. (3) In addition, mud resistivity has little influence on MFA, whereas increasing mud resistivity leads to the pronounced attenuation of EFA signals. These findings provide a quantitative basis for antenna selection and performance optimization in wireless short-range transmission systems under different Logging-While-Drilling (LWD) conditions.