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The theory of rotational diffusion of particles of various symmetry embedded in a liquid crystal host, essential to interpret a variety of spectroscopic observables, has been available for some time, but only for the case of rigid molecules. Here we generalize the treatment and present a theory to describe the rotational diffusion of shape-changing particles dispersed in nematic liquid crystals. The interaction of the particles with the environment is modeled by an effective field potential, while the particles are allowed to assume an arbitrary discrete number of shapes. The transition between shapes is modeled by a Markovian process which is combined with rotational diffusion. Our model is applied to the simple case of a particle that can exchange between three shapes: a rod, a disk, and a sphere. We consider in detail the effect of shape transitions in some selected correlation functions which are relevant for experiments. [ABSTRACT FROM AUTHOR]