The API method returns the parameter elements, which is what you’re seeing. In order to see the parameter name and/or value you’ll have to query them individually. The name you should be able to get just by param.Name. The values can be a little tricky because each parameter will be a different type and therefore require a different As[Type] method to return a “legible” value.
Look at what’s available from the Parameter class and it should make more sense.
Take a look at the members available to Parameter elements in the link I sent you. I believe there are a couple of ways to get this information depending on what version of Revit you’re using and how you want to get it.
Just to clarify here, the x.Parameters in design script is actually calling a method on the elements that is returning the Name and Value. The my_element.Parameters in your python is returning a list of Revit DB parameter elements that then need to be queried as @Nick_Boyts indicated. These two “Parameters” are not the same.