Unless you feel like writing us a parsing library, short answer, 'no'.
However, you could get around the operation in a very simple fashion with some lateral thinking. Try imagining your parameter String like this:
Code:

String foo = "ID:4:Direction:4:text:hello"
 

Which can be split into an array with:
Code:

String [] params = split(foo,":");
 

Now every second article in the array is a parameter. If you wanted to keep the format of the original String then you can perform a two-fold split. Split for spaces then for colons. If these parameters are going to be entered by users I would suggest a bit of overkill with the command trim() and with the String method equalsIgnoreCase().