We propose and evaluate an impairment-aware multi-parametric routing and wavelength assignment algorithm for online traffic in transparent optical networks. In such networks the signal quality of transmission degrades due to physical layer impairments. In the multi-parametric approach, a vector of cost parameters is assigned to each link, from which the cost vectors of candidate lightpaths are calculated. In the proposed scheme the cost vector includes impairment generating source parameters, such as the path length, the number of hops, the number of crosstalk sources and other inter-lightpath interfering parameters, so as to indirectly account for the physical layer effects. For a requested connection the algorithm calculates a set of candidate lightpaths, whose quality of transmission is validated using a function that combines the impairment generating parameters. For selecting the lightpath we propose and evaluate various optimization functions that correspond to different IA-RWA algorithms. Our performance results indicate that the proposed algorithms utilize efficiently the available resources and minimize the total accumulated signal degradation on the selected lightpaths, while having low execution times.