Negative Marty,
In most other objects within Workfront there is an ID as the primary key with an automatic GUID assigned upon creation, but Parameters use the (gotta-be-unique) Name itself as their primary key. There is an optional description you can fill in that shows up as a tool tip in certain situations, but as that's not always available or obvious, you can either be more verbose in your description as you've suggested, or add an additional Descriptive Text field nearby with instructions and/or more context.
As an aside...
Over the years, Workfront now automatically takes care of renaming any existing data for Parameters and Option Values you then choose to rename, which is SO much better than the 5 step manual process it used to take. However, if and when you do use the API, there is Some Peril: in some cases the API doesn't play nicely with parameters that have commas in them in, and if you happen to rename a (say, misspelled) parameter without updating an API call that's still looking for the old parameter name, it will fail hard.
Regards,
Doug