In addition to LB's suggestion, here a couple more options:
1) Since you're using a stored procedure, you could return it with your result set.
2) Create a formula on the report that displays a description based on the selected parameter:
[tt]
// @DisplayPrmDescription
select {?YourParameter}
case "A" : "A Description"
case "B" : "B Description"
case "C" : "C Description"
default: "No Description"
[/tt]
Option 2 could get messy and a pain to maintain if you have a lot of parameter options, or they change often.
-dave