Hi Shubh,
I don't see any difference in the functionality of control and system parameters.
Only difference I can think is the way we store the control and the system parameter. Control parameters are stored in Standard SAP table ( /SAPTRX/CTRL dont rem exact name) and It
has a field that stores the sequence number. So a control parameter can have multiple values.
you have a track of oldest and latest values based on this sequence number.
System parameters on other hand are stored in the Z table.
Best,
Shammi