Solution
No standalone GUI tool exists to generate the Ballard MIL-STD-1553 parameters XML.
Instead, the supported and recommended solution is to use the Ballard MIL-STD-1553 LabVIEW scripting API, provided via the package ni-ballard-mil-std-1553-veristand-20xx-labview-support. Using the example “Build New Ballard MIL-STD-1553 Custom Device.vi”, you can programmatically build the entire custom device configuration directly from their 1553 database, fully bypassing the need to manually create a parameters XML file.
You can access the examples in the following path: C:\Program Files\National Instruments\LabVIEW 20XX\examples\NI VeriStand Custom Devices\Ballard MIL-STD-1553