Each param represents a store of data for a specific function. You cannot add new params.
For example:
Within the Param Editor, you will need to select a param first before you can edit the rows and fields contained within.
Each row represents an entry that typically has an effect within the game.
You can add new rows, although there is a maximum limit of 65,535 entries.
For example:
Within the Param Editor, you will need to select a row before you can the fields that belong to said row.
Each field represents a element of an entry that you can edit. You cannot add new fields.
For example:
Within the Param Editor, fields are what you will be editing to make the majority of your adjustments.