When choosing candidates for the Tatsunoko and Capcom character rosters, the development team were given free reign to nominate any character they wished. However, the team faced limitations on its Tatsunoko candidates; Niitsuma explained, "[We] had to consider licensing issues. Once we had that list we had to figure out how to make a balanced fighting game. On top of that we wanted a good balance between male and female characters."

Among the Tatsunoko candidates, the team considered the eponymous characters of Muteking, The Dashing Warrior and Nurse Witch Komugi, but they were eventually scrapped. The team also disallowed characters from Genesis Climber MOSPEADA or Samurai Pizza Cats, despite the high number of fan requests for the latter.

As for Capcom candidates, the development team hoped to include Arthur from Ghosts 'n Goblins, Ingrid from Capcom Fighting Evolution, Charlie Nash, Ibuki and M. Bison from Street Fighter, a Tyrant (unclear which one specifically) and Leon from Resident Evil, Date Masamune from Sengoku Basara, Hsien-Ko from Darkstalkers, Zero Gouki from Cyberbots, Tiara from Gaia Master, Rouge from Power Stone, June from Star Gladiator, and Nero from Devil May Cry.