Is there any way to set different parameters for a sublayout based on visitor profile. When I goto presentation details and click personalize I can only set different datasource or rendering for different conditions.
You can create rules under /sitecore/system/Marketing Center/Personalization/Rules. To understand rules this could be a start point http://sdn.sitecore.net/reference/sitecore%206/rules%20engine%20cookbook.aspx The diea, is that you create different rules, which will execute some actions when a set of conditions are satisfied. Then, in the presentation detail of your control, you can chose which rules to apply. In order to view the personalization section in the presentation details you need to go to: Sitecore => Control Panel => preferences => Change your application options => View tab => Third section "Control properties" and check the "Show the personalization section.