We present timing models for 20 millisecond pulsars in the Parkes Pulsar Timing Array. The precision of the parameter measurements in these models has been improved over earlier results by using longer data sets and modelling the non-stationary noise. We describe a new noise modelling procedure and demonstrate its effectiveness using simulated data. Our methodology includes the addition of annual dispersion measure (DM) variations to the timing models of some pulsars. We present the first significant parallax measurements for PSRs J1024-0719, J1045-4509, J1600-3053, J1603-7202, and J1730-2304, as well as the first significant measurements of some post-Keplerian orbital parameters in six binary pulsars, caused by kinematic effects. Improved Shapiro delay measurements have resulted in much improved pulsar mass measurements, particularly for PSRs J0437-4715 and J1909-3744 with $M_p=1.44\pm0.07$ $M_\odot$ and $M_p=1.47\pm0.03$ $M_\odot$ respectively. The improved orbital period-derivative measurement for PSR J0437-4715 results in a derived distance measurement at the 0.16% level of precision, $D=156.79\pm0.25$ pc, one of the most fractionally precise distance measurements of any star to date.