Have you tried "APPLY TO WORKSHEETS" for your filter? When you do this, the values that get selected on sheet-1 are automatically selected on Sheet 2 as well. (Assuming the same data source.) And this feature works across dashboards if the sheets are on separate dashboards. So you have the filter, apply it to other worksheets, and show only relevant.
Thanks. I acknowledged that a filter can serve its single purpose of filtering relevant values. The problem lies in having a dashboard where you need a selection to filter one worksheet for one value, highlight a value on another worksheet without getting rid of the other values, and change the calculation on another sheet without changing the calculation of the other values. That can only be done with a parameter, and a parameter can only show one list of values.