Parameter-dependent statistical properties of the spectra of ray-splitting billiards are studied experimentally and theoretically. The autocorrelation functions c(x) and c(omega,x) of level velocities as well as the generalized conductance C(0) are calculated for two different classically chaotic ray-splitting billiards. Experimentally a modified Sinai ray-splitting billiard is studied consisting of a thin microwave rectangular cavity with two quarter-circle-shaped Teflon inserts. The length of the cavity serves as the experimentally adjustable parameter. For the theoretical estimates of the parametric correlations we compute the quantum spectrum of a scaling triangular ray-splitting billiard. Our experimental and numerical results are compared with each other and with the predictions of random matrix theory.