From the User Guide
Alternatively, in the description or expected result of a design step, type a new or existing
parameter name, using the syntax <<>>. If you typed a new parameter,
it is automatically added to the test parameter grid.
If you apply formatting to a parameter name in a design step, you must apply the same
formatting to the entire parameter name, including the <<< and >>> characters. For example, if
you want to italicize the parameter <<>>, you must italicize the entire string
<<>> and not just the word password.

So when I am attempting to apply formatting to the parameter I am adding from the design step, this formatting only appears to be saved for that particular step and if I insert the same parameter in another design step the formatting is no longer there. Is this how it works?

Also when I add a parameter from design step using correct syntax and use upper case for the parameter name, it does not save the upper case in the parameter user interface. It will ONLY display in upper case if I add the parameter in Upper Case from the Parameter user interface tab. Is this also how it is supposed to work?