Preheat air fryer to 380 degrees F (190 degrees C).
Whisk olive oil, paprika, garlic powder, parsley, salt, and pepper in a large bowl until smooth. Add squash rounds and stir until evenly combined.
Place squash in the basket of the air fryer making sure to not overcrowd. You will likely need to do this in 2 batches depending on the size of your air fryer. Cook for 5 minutes.
Flip squash over and sprinkle Parmesan cheese over the top. Cook for 2 minutes more or until cheese has melted and starting to brown.