This work investigates the magnetic tunnel junction (MTJ) design requirements for the application of nondestructive self-reference sensing scheme, a novel sensing scheme featuring high tolerance of process variations, fast sensing speed, and no impact on device reliability. Unlike the conventional sensing scheme that requires a large TMR ratio and the uniform antiparallel and parallel resistances for MTJs, the nondestructive self-reference sensing scheme is more sensitive to the roll-off slope of MTJ's R-I or R-V curve. Our purpose is to provide a guidance to facilitate MTJ design used in the nondestructive self-reference scheme. In this work, we comprehensively investigate and analyze the design matrix by considering MTJ device physical properties, such as bias voltage dependent conductance, spin torque, etc. The manuscript suggests the approaches to optimize MTJ design for better trade-off between device properties and circuit design.