Hi Hemant, as far as I know, this isn't possible. It may be possible to filter down the applicable values on a filter using a parameter, but a parameter itself can't be changed dynamically.
Maybe someone else will have a better idea, though.
Can you possibly share a little bit more about what you are trying to do? What is the analysis scenario or question you are trying to investigate? Do you simply want one parameter list to affect another? Would using a calculated field based on Parameter 1 value work? In your specific scenario, is the second parameter value then used elsewhere in the view? If so, how?
This sounds a little bit similar to other requests we have received related to parameters, but more details from you would help us figure that out.
I used a calculated field based on parameter 1 as the work around solution. Was just wanting to know if we have any feature which automatically updates the parameters based on the selection of other parameters.
Unfortunately there is not a way to do that currently.