Look at ?substitute, ?expression, and ?paste. The archives are dense
with worked examples. Here's one example of a parameter in the title:

param <- pi
plot(1:100, log(1:100))
title(substitute(hat(theta) == param, list(param=param))) 

A search of the archives for "label points plot" turns up 100s of hits.
http://cran.r-project.org/search.html

HTH, Andy

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