The Parameter suboperator defines exposable values for other suboperators. It is particularly useful when you want to expose the same value for two more different suboperators, such as a random seed, for the purpose of keeping your operator interface simple. For more information, see Equal Data Type.
With most data types, you can set only the default value; exposing the parameter shows this value in the particle view UI and lets the user change it.
For this option to work properly, there must be a Delete operator set to By Particle Age in the flow to define particle lifespan.
Using the same random seed in several different suboperators can cause correlation issues between different properties. In this case you can create a Parameter suboperator with Type set to Uniqueness Seed, and feed it into one suboperator. For another suboperator, create an additional Parameter suboperator, turn on Use As Parameter Modifier option, and set it to the same data type. Then the parameter connection should go through this additional Parameter suboperator. This way the random seed has an offset, and the random values in the underlying suboperators are not correlated. At the same time you can use a single (original) Parameter suboperator for parameter exposure.
For a usage example, see the included sample file RandomWalk.max. To view the underlying logic of the Random Walk operator, add a Data operator and then use Load Preset to open the Random Walk preset.