How to initialize variable parameter from excel file in place of initialization .m file in Simulink.

You can use xlsread to read vales from the xls file.

file = 'filename';
sheet = 1;
range = 'B2:B9';

[~, ~, data] = xlsread(file, sheet, range);
data = [data{:}];

Then you can use these values however you want. For example, you can assign these values to the variable name of your choice.

ChamberPressure = data(1);
ChamberTemp = data(2);
. . .
. . .
BurstPressure = data(8);

Or you can directly use data(1), data(2), etc. in your model.