diff --git a/qiskit/pulse/channels.py b/qiskit/pulse/channels.py
index fb5971fb7a25..894d3737c4c1 100644
--- a/qiskit/pulse/channels.py
+++ b/qiskit/pulse/channels.py
@@ -102,10 +102,11 @@ def _validate_index(self, index: Any) -> None:
             raise PulseError('Channel index must be a nonnegative integer')
 
     @property
-    @deprecated_functionality
     def parameters(self) -> Set:
         """Parameters which determine the channel index."""
-        return self._parameters
+        if isinstance(self.index, ParameterExpression):
+            return self.index.parameters
+        return set()
 
     def is_parameterized(self) -> bool:
         """Return True iff the channel is parameterized."""
diff --git a/qiskit/pulse/instructions/instruction.py b/qiskit/pulse/instructions/instruction.py
index 4b916c6803af..f80d85ed9985 100644
--- a/qiskit/pulse/instructions/instruction.py
+++ b/qiskit/pulse/instructions/instruction.py
@@ -230,10 +230,14 @@ def append(self, schedule,
         return self.insert(time, schedule, name=name)
 
     @property
-    @deprecated_functionality
     def parameters(self) -> Set:
         """Parameters which determine the instruction behavior."""
-        return set(self._parameter_table.keys())
+        parameters = set()
+        for op in self.operands:
+            if hasattr(op, 'parameters'):
+                for op_param in op.parameters:
+                    parameters.add(op_param)
+        return parameters
 
     def is_parameterized(self) -> bool:
         """Return True iff the instruction is parameterized."""
diff --git a/qiskit/pulse/instructions/play.py b/qiskit/pulse/instructions/play.py
index 4697a90c4082..fd11780925bb 100644
--- a/qiskit/pulse/instructions/play.py
+++ b/qiskit/pulse/instructions/play.py
@@ -13,7 +13,7 @@
 """An instruction to transmit a given pulse on a ``PulseChannel`` (i.e., those which support
 transmitted pulses, such as ``DriveChannel``).
 """
-from typing import Dict, Optional, Union, Tuple, Any
+from typing import Dict, Optional, Union, Tuple, Any, Set
 
 from qiskit.circuit.parameterexpression import ParameterExpression, ParameterValueType
 from qiskit.pulse.channels import PulseChannel
@@ -93,6 +93,20 @@ def _initialize_parameter_table(self,
                         # Table maps parameter to operand index, 0 for ``pulse``
                         self._parameter_table[param].append(0)
 
+    @property
+    def parameters(self) -> Set:
+        """Parameters which determine the instruction behavior."""
+        parameters = set()
+        for pulse_param_expr in self.pulse.parameters.values():
+            if isinstance(pulse_param_expr, ParameterExpression):
+                for pulse_param in pulse_param_expr.parameters:
+                    parameters.add(pulse_param)
+        if self.channel.is_parameterized():
+            for ch_param in self.channel.parameters:
+                parameters.add(ch_param)
+
+        return parameters
+
     @deprecated_functionality
     def assign_parameters(self,
                           value_dict: Dict[ParameterExpression, ParameterValueType]
diff --git a/releasenotes/notes/remove-parameter-deprecation-2568271bf2d19911.yaml b/releasenotes/notes/remove-parameter-deprecation-2568271bf2d19911.yaml
new file mode 100644
index 000000000000..c49622e2e65f
--- /dev/null
+++ b/releasenotes/notes/remove-parameter-deprecation-2568271bf2d19911.yaml
@@ -0,0 +1,5 @@
+---
+other:
+  - |
+    Deprecation warning for :meth:`~qiskit.pulse.Instruction.parameters` is dropped.
+    This method will continue to be supported.
diff --git a/test/python/pulse/test_parameters.py b/test/python/pulse/test_parameters.py
index f222dc2a3612..8a88357e553f 100644
--- a/test/python/pulse/test_parameters.py
+++ b/test/python/pulse/test_parameters.py
@@ -41,6 +41,7 @@ def setUp(self):
         self.amp = Parameter('amp')
         self.sigma = Parameter('sigma')
         self.qubit = Parameter('q')
+        self.dur = Parameter('dur')
 
         self.freq = 4.5e9
         self.shift = 0.2e9
@@ -72,6 +73,18 @@ def test_parameter_attribute_instruction(self):
         self.assertFalse(inst.is_parameterized())
         self.assertEqual(inst.parameters, set())
 
+    def test_parameter_attribute_play(self):
+        """Test the ``parameter`` attributes."""
+        inst = pulse.Play(pulse.Gaussian(self.dur, self.amp, self.sigma),
+                          pulse.DriveChannel(self.qubit))
+        self.assertTrue(inst.is_parameterized())
+        self.assertSetEqual(inst.parameters, {self.dur, self.amp, self.sigma, self.qubit})
+
+        inst = pulse.Play(pulse.Gaussian(self.dur, 0.1, self.sigma),
+                          pulse.DriveChannel(self.qubit))
+        self.assertTrue(inst.is_parameterized())
+        self.assertSetEqual(inst.parameters, {self.dur, self.sigma, self.qubit})
+
     def test_parameter_attribute_schedule(self):
         """Test the ``parameter`` attributes."""
         schedule = pulse.Schedule()