This study designs and analyzes satellite formation flying concepts for the Small scale magNetospheric and Ionospheric Plasma Experiments (SNIPE) mission, that will observe the near-Earth space environment using four nanosats. To meet the requirements to achieve the scientific objectives of the SNIPE mission, three formation flying concepts are analyzed: a crossshape formation, a square-shape formation, and a cross-track formation. Of the three formation flying scenarios, the crosstrack formation scenario is selected as the final scenario for the SNIPE mission. The result of this study suggests a relative orbit control scenario for formation maintenance and reconfiguration, and the initial relative orbits of the four nanosats meeting the formation requirements and thrust limitations of the SNIPE mission. The formation flying scenario is validated by calculating the accumulated total thrust required for the four nanosats. If the cross-track formation scenario presented in this study is applied to the SNIPE mission, it is expected that the mission will be successfully accomplished.