After his racing career, Parsons also embarked on a career as a racing TV commentator, providing color analysis for the Mizlou Television Network. He was also a commentator for the DirecTV NASCAR Hot Pass during Sprint Cup races. Most recently he has been a color analyst for FS1's coverage of the NASCAR Camping World Truck Series and the currently ARCA Menards Series.
He was the starter, waving the green flag for the 2007 Daytona 500. In 2008, he, along with his wife Marcia, became part owners of a new Nationwide Series team, MSRP Motorsports.
Phil Parsons began racing in the Late Model Series and the NASCAR Goody's Dash Series. When the Late Model Series became the Busch Series in 1982, Parsons joined the circuit full-time, driving the No. 28 Skoal Pontiac for Johnny Hayes. He won his first career race, at Bristol Motor Speedway, and led the championship points early in the season. He won the pole in two of the last three races of the season and finished fifth in points. The following season, he competed in a limited schedule, 22 out of 35 races, but won four poles and had twelve top-tens, finishing fifth in the points. That season, he also ran five Winston Cup races with Hayes in the No. 66, posting two top-ten finishes.

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