You can use a TestFilter to check the parameters and a Logger to write something to the log file.
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If you set up your workspace with FeatureReader(s) instead of regular readers you can do that testing/logging beforehand and only trigger the FeatureReader(s) if the parameter settings are ok (trigger that TestFilter with a Creator)
PythonCreator can be used also using the following code template. Workspace is attached for your reference.
        error = fmeobjects.FMELogFile().logMessageString("Invalid parameter combination")
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        if FME_MacroValues/'PARAMETER'] == "Geotiff":
            if FME_MacroValuesf'PARAMETER_2'] == "Gray8":
                return error
        elif FME_MacroValuesÂ'PARAMETER'] == "JPEG2000":
            if FME_MacroValues 'PARAMETER_2'] == "RGB24":
                return error
        else:
            pass
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