Adaptive and cognitive radios (CR) have been becoming popular for optimizing mobile radio system transmission and reception. One of the most important elements of the adaptive radio and CR concepts is the ability to measure, sense, learn about, and be aware of parameters related to the radio channel characteristics, availability of spectrum and power, interference and noise temperature, operational environment of radio, user requirements and applications, available networks and infrastructures, local policies, other operating restrictions, and so on. This paper discusses some of the important measurement parameters for enabling adaptive radio and CR systems along with their relationships and impacts on the performance including relevant challenges.