The future of electrification of vehicles and other systems will require the creation of high-power density power electronics with low junction-to-fluid thermal resistance cooling solutions. One way to create this solution is to move high-heat-flux liquid cooling (single- or two-phase) as close to the power electronics components as possible. One novel approach involves submersion in dielectric fluids as the cooling solution. We first provide the range of fluid properties and develop a figure of merit (FOM) to aid in dielectric fluid selection. Next, we perform computational fluid dynamics/heat transfer (CFD/HT) modeling using single-phase cooling (submerged jet impingement on an enhanced surface) to validate the dielectric fluid FOM. Results of the study show that the developed FOM is a good representation of the performance of the fluids when compared to the results of the CFD/HT analysis. Both FOM and the CFD/HT analysis show that based on pure thermohydraulic considerations, several commercially available fluids present higher performance, on the order of 5% of water. Finally, the FOM can be used to quickly assess the thermohydraulic performance of a dielectric fluid, as well as the secondary application-specific properties such as boiling point, saturation pressure, flash point, and global warming potential, thereby allowing for fluid candidates to be readily compared.