Classified as M-class, Draygo IV was the uninhabited fourth planet in its star system. This planet, with a rotation of approximately 27 hours and two moons, had an unusually large temperate zone. The planet was located 3.7 light years away from Cardassian space in the Cardassian sector.

The planet was considered by Dr. Beverly Crusher and Commander Data as a possible home for the Boraalans following Dr. Nikolai Rozhenko's unauthorized transport of the group aboard the USS Enterprise-D. It was closest to the climate of Boraal II, their former home; however, the sector in which the planet was located in was the site of constant border disputes. This fact disqualified the planet from consideration as the new home of the Boraalans. Ultimately, Vacca VI was chosen instead. (TNG: "Homeward")

According to the script, the pronunciation for Draygo was "DRAY-go". [1]
According to Star Trek: Star Charts (p. 47) and Stellar Cartography: The Starfleet Reference Library ("Federation Historical Highlights, 2161-2385"), the Draygo system was located in the Alpha Quadrant. The system's primary was a G-class star. In the late 24th century, this was an independent system.
The Star Trek Encyclopedia (4th ed., vol. 1, p. 219) located Draygo IV in Federation space.