You can use Insert > Note > On Item to display parameter values for selected diagram entities.

For example, to display the color of a cable conductor as defined in the cable spool, use the &cond_<parameter> form as &cond_color. If conductor2 has the parameter COLOR = BLACK, a note attached to conductor2 with the parameter &cond_color displays BLACK in the note.

If you update the conductor parameter value for that individual cable, the note is updated. If there is no value for that cable conductor parameter in the individual cable, Diagram uses the conductor parameter value in the cable spool.

For example, if you use the note contents string:

Bold shows the values the & variables will supply, not bold shows text you included in the label. So, your cable label displays:

CABLE02, COND1, WHITE