We present the first worst-case linear time algorithm that directly computes the parameterized suffix and LCP arrays for constant sized alphabets. Previous algorithms either required quadratic time or the parameterized suffix tree to be built first. More formally, for a string over static alphabet $\Sigma$ and parameterized alphabet $\Pi$, our algorithm runs in $O(n\pi)$ time and $O(n)$ words of space, where $\pi$ is the number of distinct symbols of $\Pi$ in the string.