I need to update parameter names in my Report based on "Language" parameter value. So, when i choose one language, other parameter names should change.
Is it possible? If yes, is it possible from Report Builder?
If by Parameter Names you mean the values displayed, then yes you can have one parameter selection update another. A typical example would be to choose a country in one parameter and then choose a city from that country in a second parameter. It's called Cascading Parameters.
The basic idea is that each parameter will be based on a query and each query will use the previous parameter.
Country dataset for @COUNTRIES parameter:
SELECT COUNTRY FROM COUNTRIES
City dataset based on other parameter for @CITIES parameter:
SELECT CITY FROM CITIES WHERE COUNTRY IN (@COUNTRIES)