Doxygen provides the command \p for indicating that the next word is a parameter to the function. You would use it like so:
... the \p x and \p y coordinates are used to ...
I believe by default this will be represented using a typewriter font. I don’t think this currently provides any auto-linking functionality, but potentially could in the future.
There is a related command, \a that is used to mark up member arguments. By default, it is displayed with emphasis in the text (<em>arg</em>)
You can find more information about the various Doxygen Special Commands reference.