In a 4-5 quart pan, bring about 4 quarts water to a boil over high heat. Add orzo; let water return to a boil and cook, uncovered, according to package directions. Drain, rinse with cold water, and drain well again.
In a large bowl, combine oil, vinegar, basil, garlic, cheese, salt and pepper; mix until well blended.
Add pasta and stir until well coated.
Cover and refrigerate for at least 4 hours or until next day.
Just before serving, stir in parsley and bell pepper.