Cover a baking sheet with foil and spray lightly with cooking spray. Soak bread crumbs in milk in a small bowl for 20 minutes.
Meanwhile, heat olive oil in a skillet over medium heat. Add onion; cook and stir until onion has softened and turned translucent, about 5 minutes. Reduce heat to low and continue cooking and stirring until onion is very tender, about 15 minutes more.
Gently stir beef and pork together in a large bowl. Add onions, bread crumb mixture, eggs, Parmesan cheese, parsley, garlic, salt, black pepper, Italian herb seasoning, and red pepper flakes; mix together using a rubber spatula until combined. Cover and refrigerate for about one hour.
Preheat the oven to 425 degrees F (220 degrees C).
Form mixture into balls about 1 1/2 inches in diameter; arrange in a single layer on the prepared baking sheet.
Bake in the preheated oven until browned and cooked through, 15 to 20 minutes.