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Parsons was seen on Broadway in The Velocity of Autumn for which she received her fifth Tony Award nomination. Although she has spent most of her professional life in the theatre, she is most widely known for her Academy Award-winning performance in Bonnie and Clyde, and her decade-long, recurring role of Beverly, mother of the title character in the hit sitcom Roseanne.

In the theatre, she has appeared in plays by the great writers of our time, including Edward Albee, Tennessee Williams, Dario Fo, and Horton Foote. She appeared in Roberto Athayde's classic Miss Margarida's Way on Broadway, all over the United States and in London, Dublin, Turkey and Australia. She starred in August, Osage County by Tracy Letts on Broadway for a year and on the road for a year. She played in Good People by David Lindsay-Abair and the Gershwin musical, Nice Work if You Can Get It, with Matthew Broderick. Playwrights Horizons in Michael Friedman's musical Unknown Soldier which was interrupted by the pandemic. As a director, she created the New York Shakespeare Festival Players for Joseph Papp in the 1980s. She is a lifetime member of the Actors Studio and was inducted into the Theater Hall of Fame in 2004.


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