Yes, you can get and set the Parameter Formula with the API...
So in theory, you could create a string by concatenating the param names and OR/IF/AND strings to create a formula.
I'm not near a PC so can't code it up right now, maybe there is a node in one of the packages already but I'm guessing you've looked quite a bit?
Could you elaborate a little more about what you are after though? If you have examples of what you are trying to create, post them here. Pictures work well!