I'm trying to achieve a viz in Tableau in which If I click on a paramteer value called sales then sales viz should be selected and if I click on parameter value Profit, then profit viz should be displayed.

Can this be done using parameters in the first place? Or Action filter is the only option?If action filter is the option can I make sure that If I select one parameter say Sales then the other Viz should be hidden automatically.

A simple solution is to put measure values on either the row or column shelf; and measure names on the filter shelf. The show the filter control for measure names.

The downside is that people can choose other measures that you did not intend to expose

Yes, you can do it with parameters. You use a layout container to hold each sheet and then the parameter will filter one and not the other.

See this post for details. http://www.bfongdata.com/2014/10/chart-creation-with-parameters.html