I think this sentence is incorrect
The various plots corresponds to different numerical values of parameters.
However, I want to know if there exists a one to one mapping between the parameter value and the corresponding plot, will this sentence make sense or its still wrong?
P.S.-can I add respectively in the sentence to denote one to one mapping
The various plots corresponds to different numerical values of parameters, respectively.
The first is incorrect because of its lack of subject-verb agreement—but not in the way you are pointing out.
It should be:
The various plots correspond to different numerical values.
The subject (plots) is plural so the verb also needs to be.
Note that I removed of parameters, because it sounds awkward.
With that rephrasing, there is nothing wrong with the sentence.
Your edit doesn’t address the actual problem, and adding respectively as you did is just strange. There aren’t stated individual things that each item can be said to correspond to in sequence.
Respectively would normally be used in one of these formulations:
The old cars and the new cars were respectively green and blue.
The old cars and the new cars were green and blue, respectively.
If you want to stress the individual plots, then you could instead write something like this:
Each plot corresponds to a different numerical value.