How to handle a parametric equation in raytracing?
Many years ago I worked on a ray tracer that handled parametric surfaces, so this is unlikely to be state of the art, but, IIRC, I used a combination of interval arithmetic with (binary?) subdivision and Newton-Rhapson.

The interval arithmetic + subdivision constructed (conservative) bounding boxes which could be used for intersection rejection. I think I may also have used interval arithmetic on the 1st derivative to help determine when it was safe to launch into Newton-Rhapson. Typically the Newton steps converged very rapidly. 

You can also pre-dice your parametric surfaces and put them into an acceleration structure (Voxel grid/BVH) to speed up the process.

This work was based on/inspired by Daniel Toth's 1985 paper "On Ray Tracing Parametric Surfaces"