We present a new approach for accelerating the execution of XPath expressions using parameterized materialized XPath views (PXV). While the approach is generic we show how it can be utilized in an XML extension for relational database systems. Furthermore we discuss an algorithm for automatically determining the best PXV candidates to materialize based on a given workload. We evaluate our approach and show the superiority of our cost based algorithm for determining PXV candidates over frequent pattern based algorithms.