Heat oil into a large dutch oven over medium heat. Saute parsnips, carrots, celery, onion and bell pepper for 8-10 minutes, stirring frequently.
Add garlic, salt and pepper. Cook for 1 minute. Sprinkle in flour; stir and cook for 1 more minute.
Slowly stir in chicken broth.Increase heat to high, until soup starts to boil. Add orzo and potatoes, reduce heat to medium high and let cook for 8-10 minutes or until orzo is al dente and potatoes fork tender.
Reduce heat to low. Stir in another can of chicken broth, season with Tabasco, parmesan and additional salt and pepper to taste. Simmer on low until ready to serve.