If I got your question right, you want to set the initial catalog and server name property paramatically.
Here are the steps to do it: [Applicable for SSIS 2005 and above]
Step-1: Create two variable in SSIS package (Package scope) and name them DbName, ServerName

Step-2: In connection manager, create a OLEDB connection and test connection.
Step-3: Now, right click on the connection manager and click properties.
Step-4: In properties, click expression. You will see below window. In this window select initial catalog

Step-5: Now click on expression and drag drop DbName (i.e. your catalog name) variable from upper left window to expression text box and evaluate it.

Step-6: Do the same for Server name. and you are done
Remember: If your initial catalog and database parameter name are not
correct then you may face connection issue.
Other way, Specifically for SSIS 2012 and above
Now, as you have mentioned SSIS2012. Let;s utilize its feature of Project parameter
- Create project level variables, You can either create two variable names [DBName, ServerName] or complete connection string.

Create OLEDB connection in connection manager and right click on the connection. Then select, "Parameterize"
Based on your parameter, you can set parameter to properties like Initial catalog, Server Name, Connection string etc. Or you can create project level parameter from here by selecting appropriate values, as shown below

Read this link for more details
ConnectionStringand forget messing with the parts. - billinkc