Many critical application systems require reconfigurability in order to adapt under changing environment. To achieve system reconfigurability, it is possible to use adaptation mechanisms that are external to components or to use parameterized components. This paper focuses on making components reconfigurable in terms of QoS tradeoffs. We propose a new component parameterization technique which can transform individual components to reconfigurable ones such that they can support various QoS tradeoffs to achieve overall system QoS requirements. The parameterized components can be used to develop both statically and dynamically reconfigurable systems. The proposed technique is rule based, which provides flexibility and extensibility to enhance and improve the technique. A tool set has been developed based on the proposed technique to achieve semi-automated component parameterization.