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In the fall of 2002, he attempted a comeback as one of the eleven candidates in the Serbian presidential elections, which were subsequently unsuccessful due to low turnout. Despite a polished marketing campaign that saw Drašković change his personal appearance and tone down his fiery rhetoric, he ended up with only 4.5% of the total vote, well behind [[Vojislav Koštunica]] (31.2%) and [[Miroljub Labus]] (27.7%), both of whom moved on to the second-round runoff.
His next chance for political redemption came in late 2003. Fully aware of SPO's, as well as his own, weak political standing after more than 3 years in political oblivion, Drašković entered his party into a pre-election coalition with [[New Serbia (political party)|New Serbia]] (NS), thus reuniting with old party colleague [[Velimir Ilić]]. Joining forces for the [[2003 Serbian parliamentary election|2003 parliamentary election]], they achieved limited success, but more importantly managed to get into the coalition that formed the minority government (along with [[Democratic Party of Serbia|DSS]], [[G17 Plus]]), providing it with critical parliamentary seats to keep the far-right radicals ([[Serbian Radical Party|SRS]]) at bay.
In the subsequent division of power, Drašković received the high-ranking position of [[Serbia and Montenegro]]'s foreign minister, a position he held until May 2007.<ref name="Bartrop" /> In response to [[2006 Montenegrin independence referendum|Montenegro's vote for independence]], Drašković called for a restoration of [[Line of succession to the former Yugoslav throne|Serbia's monarchy]]: "This is an historic moment for Serbia itself, a beginning which would be based on the historically-proven and victorious pillars of the Serbian state and I am talking about the pillars of a kingdom."<ref>{{cite news |title=Separation focuses Serbian minds |url=http://news.bbc.co.uk/2/hi/europe/5012986.stm |work=BBC News |date=24 May 2006}}</ref>
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