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In the Shared Parameter .txt file (the one in use in your office or project, as per Revit parameter settings), there is a visibility switch at the end of the line for each parameter.

Set it as follows:
1 for visible
0 for invisible

Make sure you don't load this parameter into Family or Project until after you have set the desired parameter to 0 for invisible and saved the text file.

In other words:

1. Create the new SP
2. Edit the text file and change the switch to 0
3. Add the Parameter to the applicable Family, Project or both

These hidden SPs can still be scheduled and tagged in the Project, you just can't "see" the parameter entry.

This method could be useful for simplifying the presentation or "interface" of families, or perhaps even for concealing calculations and formulas that never require user input.

Did you know you could swap a previously added Family Parameter for a Shared Parameter?

Just select it in the Family Types dialog and click Modify...


Next question - should you swap, or just add the SP and equal it by formula?  What's your opinion?

EDIT: This seems to be broken in 2014 at this point.  Even if you have it working in 2013, when you open in 2014 it will "break".  I'm unsure if there is a good workaround yet...

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Absolutely awesome workaround from Dave Light!  He shows how to use an instance Shared Parameter to pass Keynote value via a Family formula to allow the tagging of Window Mark and Keynote in the same tag.  Read the whole post here.

On a wider level, this method shows that you can formulaically reference System parameters (built in family parameters) and pass their value to a Shared Parameter to allowing tagging.

Ever wanted to get a Tag to pick up the hardcoded Elevation value given to a nested Family?  Then check out this great little thread and cool answer by Julien!

Answer:
You need to set a SP in the nested family.
Make the plate geometry attached to ref planes that are not the 2 from the template. Assign a SP to the distance between the RP at center of geometry and the RP that defines origin. SP will be by instance. Beware of directions for correct behavior when loaded in the host.
In the host family, add the same SP, select the plate, and in properties palette, look for the tiny button on the left. Click and choose the SP you've added. The insert point of the plate must be set to the ref level of the host.
Now you have the elevation of the plate driven by a SP in the host. Create a tag for this SP. You're done. 

By Julien Benoit at
How can I get this parameter into a tag?

In the image below, I show the basic process used to drive a Floor Area parameter into a manually added shared parameter.  Obviously, this scenario is not ideal - the data link isn't dynamic, so we have essentially created a mini-silo (that's what I'm going to call "in-software unlinked BIM") right inside Revit.

In any case, here is how you can quickly do it with Whitefeet tools (start at 1 and follow the arrows):



I previously posted another workaround for this - using a filtered schedule:
Tag Floor Area in Revit workaround