Spin-changing collisions may lead under proper conditions to the parametric amplification of matter waves in spinor Bose-Einstein condensates. Magnetic dipole-dipole interactions, although typically very weak in alkalimetal atoms, are shown to play a very relevant role in the amplification process. We show that these interactions may lead to a strong dependence of the amplification dynamics on the angle between the trap axis and the magnetic-field orientation. We analyze as well the important role played by magnetic-field gradients, which also modify strongly the amplification process. Magnetic-field gradients, hence, must be carefully controlled in future experiments, in order to observe clearly the effects of the dipolar interactions in the amplification dynamics. © 2010 The American Physical Society.