Heat oven to 375°F. Spray round (1-quart) glass baking dish with cooking spray. In medium microwavable bowl, microwave meatballs on Medium 2 to 4 minutes or until thawed.
In 8-inch saucepan, mix thawed meatballs and remaining ingredients except biscuits and parsley. Cook over medium heat 5 to 8 minutes, stirring frequently, until mixture is bubbly and thoroughly heated.
Pour mixture into baking dish. Arrange frozen biscuits over top.
Bake 25 to 30 minutes or until biscuits are deep golden brown and filling is bubbly. Sprinkle individual servings with parsley.