The pilot reported he and one other airplane was providing adversary and tactical training for United States military aircrews. While enroute to the training area, at flight level 220, he was informed that the fighter element would be about 10 minutes late. To conserve fuel, he reduced the engine power and slowed the airplane. Shortly thereafter, the airplane experienced a complete loss of engine power. The pilot executed the engine malfunction checklist, attempted multiple restarts, however, despite his attempts, the engine would not restart. Concerned that the airplane did not have sufficient altitude and in the interest of public safety due to overcast cloud layer over the nearest airport, the pilot elected to eject over the Pacific Ocean. The airplane was not recovered from the ocean, and the reason for the loss of engine power could not be determined.