Speedlite 550EX is the main component of a new flash system designed together with the EOS-3 SLR camera. It provides full compatibility with the new area AF technology employed by the EOS-3 and refined E-TTL autoflash for improved performance. Other main features include a maximum Guide Number of 180 (ISO 100, ft.), an AF-assist beam which links to the EOS-3's 45-point area AF, FP Flash (high speed sync), FE lock (a flash version of AE lock), and FEB (Flash Exposure Bracketing). The Speedlite 550EX also incorporates a built-in wireless transmitter, which can control other Speedlite 550EX units set up as slave units.

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