Lets say I have a function where the parameter is passed by value instead of const-reference. Further, lets assume that only the value is used inside the function i.e. the function doesn't try to modify it. In that case will the compiler will be able to figure out that it can pass the value by const-reference (for performance reasons) and generate the code accordingly? Is there any compiler which does that?
Only if the function is not exported there is a chance the compiler to convert call-by-reference to call-by-value (or vise-versa).
Otherwise, due to the calling convention, the function must keep the call-by-value/reference semantic.
If you pass a variable instead of a temporary, the compiler is not allowed to optimize away the copy if the copy constructor of it does anything you would notice when running the program ("observable behavior": inputs/outputs, or changing volatile variables).
Apart from that, the compiler is free to do everything it wants (it only needs to resemble the observable behavior as-if it wouldn't have optimized at all).
Only when the argument is an rvalue (most temporary), the compiler is allowed to optimize the copy to the by-value parameter even if the copy constructor has observable side effects.
This post is an excellent reference to this kind of optimization: http://cpp-next.com/archive/2009/08/want-speed-pass-by-value/
With all optimisations the answer is generally "maybe". The only way to check is to examine the output assembly and see what it's really doing. If the standard allows it, whether or not it really happens is down to the whims of the compiler. You should not rely on it happening because an arbitrary change elsewhere in your codebase may change the heuristics used by the optimizer which might cause it to stop performing a certain optimization.
Play it safe: code it how you intend - pass by reference if that's what you want. However, if you're writing templated code which could work on types of any size, the choice is not so clear. Personally I'd side with passing by const reference - the compiler could also perform a different optimisation, where a small type which can fit inside the size of a reference is passed by value, rather than by const reference. But again, it might happen, it might not.
I'm not aware of any general guarantees that this will be done, but if the called function is inlined, then this would then allow the compiler to see that an unnecessary copy is being made, and if the optimization level is high enough, the copy operation would be eliminated. GCC can do this at least.
You might want to think about whether the class of this parameter value has a copy constructor or not. If it doesn't, then the performance difference between pass-by-value and pass-by-const-ref is probably neglible.
On the other hand, if class does have a copy constructor that does stuff, then the optimization you are hoping for probably will not happen because the compiler cannot remove the call to the constructor--it cannot know that the side effects of the constructor are not important to you.
You might be able to get more useful answers if you say what the class of the parameter is, or if it is a custom class, describe what fields it has and whether it has a copy constructor.