Here is one possible relationship. One common reason to interpret a theory $T_1$ into a second theory $T_2$ is to establish a relative consistency result: if $T_2$ interprets $T_1$ in a syntactic way, then we will probably be able to prove $\text{Con}(T_2) \to \text{Con}(T_1)$.
If we can show that a model $M$ interprets $T_1$ without the use of parameters, then it is also likely, as a heuristic principle, that we can interpret $T_1$ into the theory of $M$, and possible into some weaker theory satisfied by $M$. On the other hand, if we need to use parameters of $M$ in order to interpret $T_1$, then it is not clear that we could interpret $T_1$ into other models of the theory of $M$.
At the same time, at least some nontrivial proofs that a theory is interpretable into a model without using parameters go by first interpreting the theory with parameters, and then showing that those parameters are definable (or, which is not much different, showing that certain parameters are definable and then interpreting the theory using those parameters). For a trivial example, to interpret $(\omega, <)$ into $(\omega_1, <)$, we could first show that $\omega$ is definable using $\omega + 1$ as a parameter, and then show that $\omega + 1$ is definable.
Here is a less trivial example (I wish I knew something more simple). We know from a theorem of Simpson that the theory of $(D, \leq_T)$, where $D$ is the set of Turing degrees and $\leq_T$ is Turing reducibility, is many-one equivalent to the theory $Z^T_2$ of true second-order arithmetic. Part of the proof is an interpretation of $Z^T_2$ into $(D, \leq_T)$. Because $D$ is uncountable, in order to keep the interpretation effective enough to lead to a many-one reduction between the theories, we need to avoid using parameters, or at least only use parameters that are themselves definable.