We investigate the Iwasawa \(\lambda \) -invariant \(\lambda _p(\chi )\) of the p-adic L-function associated with a Dirichlet character \(\chi \) for odd primes p. Using special values of the p-adic L-function and its derivative, we derive novel and computationally efficient criteria to distinguish between the cases \(\lambda = 0\) , \(\lambda = 1\) , \(\lambda = 2\) , and \(\lambda \geqslant 3\) . In particular, we study the case when the p-adic L-function vanishes at \(s=0\) . Building on the results of Ferrero-Greenberg and of Gross-Koblitz, we establish explicit conditions for \(\lambda _p(\chi ) >1 \) and \(\lambda _p(\chi ) > 2\) . Furthermore, we extend the methods of Ernvall-Metsänkylä and of Dummit et al. to calculate the \(\lambda \) -invariant. This is achieved by twisting \(\chi \) by characters \(\psi \) of p-power order and using the values of the p-adic L-function at \(s=2-p, \dots , 0\) . Additionally, we utilize the value at \(s=1\) to compute \(\lambda _p(\chi )\) . Finally, these results are applied to generate numerical data on the distribution of \(\lambda \) -invariants, when either the prime p or the Dirichlet character \(\chi \) is fixed.