diff --git a/src/third-version.ts b/src/third-version.ts
index 5327e384..406cdb21 100644
--- a/src/third-version.ts
+++ b/src/third-version.ts
@@ -156,6 +156,11 @@ function convertChannelObjects(channels: Record<string, any>, asyncapi: AsyncAPI
       channel.servers = servers.map((serverName: string) => createRefObject('servers', serverName));
     }
 
+    //Change parameter formats
+    if (isPlainObject(channel.parameters)) {
+      channel.parameters = convertParameters(channel.parameters);
+    }
+
     const operations: Record<string, any> = {};
     // serialize publish and subscribe Operation Objects to standalone object
     const publishMessages = toStandaloneOperation({kind: 'publish', channel, asyncapi, operations, context, inComponents, channelId, channelAddress, options, oldPath});
@@ -356,8 +361,57 @@ function convertComponents(asyncapi: AsyncAPIDocument, options: RequiredConvertV
       messages: components.messages
     });
   }
+
+  if (isPlainObject(components.parameters)) {
+    components.parameters = convertParameters(components.parameters);
+  }
+}
+/**
+ * Convert all parameters to the new v3 format
+ */
+function convertParameters(parameters: Record<string, any>): Record<string, any> {
+  const newParameters: Record<string, any> = {};
+  Object.entries(parameters).forEach(([name, parameter]) => {
+    newParameters[name] = convertParameter(parameter);
+  });
+  return newParameters;
 }
+/**
+ * Convert the old v2 parameter object to v3.
+ * 
+ * Ensure that extensions and references are all kept as is.
+ * 
+ * Does not include extensions from schema.
+ */
+function convertParameter(parameter: any): any {
+  const ref = parameter['$ref'] ?? null;
+  if(ref !== null) {
+    return {
+      $ref: ref
+    }
+  }
+
+  const enumValues = parameter.schema?.enum ?? null;
+  const defaultValues = parameter.schema?.default ?? null;
+  const description = parameter.description ?? parameter.schema?.description ?? null;
+  const examples = parameter.schema?.examples ?? null;
+  const location = parameter.location ?? null;
 
+  //Make sure we keep parameter extensions
+  const v2ParameterObjectProperties = ["location", "schema", "description"];
+  const v2ParameterObjectExtensions = Object.entries(parameter).filter(([key,]) => {
+    return !v2ParameterObjectProperties.includes(key);
+  });
+
+  //Return the new v3 parameter object
+  return Object.assign({...v2ParameterObjectExtensions},
+    enumValues === null ? null : {enum: enumValues},
+    defaultValues === null ? null : {default: defaultValues},
+    description === null ? null : {description},
+    examples === null ? null : {examples},
+    location === null ? null : {location}
+  );
+}
 /**
  * Convert `channels`, `servers` and `securitySchemes` in components.
  */
diff --git a/test/input/2.6.0/for-3.0.0-with-mixed-parameters.yml b/test/input/2.6.0/for-3.0.0-with-mixed-parameters.yml
new file mode 100644
index 00000000..522c919c
--- /dev/null
+++ b/test/input/2.6.0/for-3.0.0-with-mixed-parameters.yml
@@ -0,0 +1,54 @@
+asyncapi: 2.6.0
+channels:
+  '{enum}/{default}/{description}/{examples}/{location}/{mixed}':
+    publish:
+      operationId: lightMeasured
+      message:
+        payload:
+          type: string
+    parameters:
+      enum:
+        $ref: '#/components/parameters/enum'
+      default:
+        $ref: '#/components/parameters/default'
+      description:
+        $ref: '#/components/parameters/description'
+      examples:
+        $ref: '#/components/parameters/examples'
+      location:
+        $ref: '#/components/parameters/location'
+      mixed:
+        $ref: '#/components/parameters/mixed'
+components:
+  parameters:
+    enum:
+      schema:
+        type: string
+        enum: ["test"]
+    default:
+      schema:
+        type: string
+        default: "test"
+    description:
+      description: Just a test description
+      schema: 
+        description: Just a test description 2
+        type: string
+    examples:
+      schema:
+        type: string
+        examples: ["test"]
+    location:
+      location: "$message.payload"
+      schema:
+        type: string
+    mixed:
+      location: "$message.payload"
+      description: Just a test description
+      schema:
+        type: string
+        enum: ["test"]
+        default: "test"
+        description: Just a test description 2
+        examples: ["test"]
+      x-custom-extension: "test"
\ No newline at end of file
diff --git a/test/output/3.0.0/from-2.6.0-with-custom-schema-format.yml b/test/output/3.0.0/from-2.6.0-with-custom-schema-format.yml
index cdb93a02..0e180e66 100644
--- a/test/output/3.0.0/from-2.6.0-with-custom-schema-format.yml
+++ b/test/output/3.0.0/from-2.6.0-with-custom-schema-format.yml
@@ -70,6 +70,4 @@ components:
               type: int
   parameters:
     streetlightId:
-      description: The ID of the streetlight.
-      schema:
-        type: string
\ No newline at end of file
+      description: The ID of the streetlight.
\ No newline at end of file
diff --git a/test/output/3.0.0/from-2.6.0-with-deep-local-references.yml b/test/output/3.0.0/from-2.6.0-with-deep-local-references.yml
index 900fdf50..aac96226 100644
--- a/test/output/3.0.0/from-2.6.0-with-deep-local-references.yml
+++ b/test/output/3.0.0/from-2.6.0-with-deep-local-references.yml
@@ -94,8 +94,6 @@ components:
   parameters:
     streetlightId:
       description: The ID of the streetlight.
-      schema:
-        type: string
   operations:
     someChannel.publish:
       action: receive
diff --git a/test/output/3.0.0/from-2.6.0-with-mixed-parameters.yml b/test/output/3.0.0/from-2.6.0-with-mixed-parameters.yml
new file mode 100644
index 00000000..44d40cbd
--- /dev/null
+++ b/test/output/3.0.0/from-2.6.0-with-mixed-parameters.yml
@@ -0,0 +1,40 @@
+asyncapi: 3.0.0
+channels:
+  '{enum}/{default}/{description}/{examples}/{location}/{mixed}':
+    address: '{enum}/{default}/{description}/{examples}/{location}/{mixed}'
+    messages:
+      lightMeasured.message:
+        payload:
+          type: string
+    parameters:
+      enum:
+        $ref: '#/components/parameters/enum'
+      default:
+        $ref: '#/components/parameters/default'
+      description:
+        $ref: '#/components/parameters/description'
+      examples:
+        $ref: '#/components/parameters/examples'
+      location:
+        $ref: '#/components/parameters/location'
+      mixed:
+        $ref: '#/components/parameters/mixed'
+components:
+  parameters:
+    enum:
+      enum: ["test"]
+    default:
+      default: "test"
+    description:
+      description: Just a test description
+    examples:
+      examples: ["test"]
+    location:
+      location: "$message.payload"
+    mixed:
+      enum: ["test"]
+      default: "test"
+      description: Just a test description
+      examples: ["test"]
+      location: "$message.payload"
+      x-custom-extension: "test"
\ No newline at end of file
diff --git a/test/output/3.0.0/from-2.6.0-with-servers-and-channels-components.yml b/test/output/3.0.0/from-2.6.0-with-servers-and-channels-components.yml
index d98eb2e3..5401a259 100644
--- a/test/output/3.0.0/from-2.6.0-with-servers-and-channels-components.yml
+++ b/test/output/3.0.0/from-2.6.0-with-servers-and-channels-components.yml
@@ -152,8 +152,6 @@ components:
   parameters:
     streetlightId:
       description: The ID of the streetlight.
-      schema:
-        type: string
   operations:
     usedChannel.publish:
       action: receive
diff --git a/test/output/3.0.0/from-2.6.0.yml b/test/output/3.0.0/from-2.6.0.yml
index ad5aac63..93cdabbb 100644
--- a/test/output/3.0.0/from-2.6.0.yml
+++ b/test/output/3.0.0/from-2.6.0.yml
@@ -256,5 +256,3 @@ components:
   parameters:
     streetlightId:
       description: The ID of the streetlight.
-      schema:
-        type: string