[4][5] The 2023–24 season saw Parekh continue as a prolific scorer and attract considerable notice from commentators and scouts.
[14] In the postseason, Parekh was a key figure in the Spirit's deep playoff run, but injury caused him to miss the opening game of the team's Western Conference Final series against the London Knights.
[17] Entering the 2024 NHL entry draft, Parekh's strengths such as his skating, strong shot, and puckhandling were applauded, while concerns were raised about his decision making and positioning, drawing comparisons to Erik Karlsson and Quinn Hughes.
[18][19][20] On July 5, 2024, after being drafted ninth overall, Parekh signed a three-year entry-level contract with the Calgary Flames.
[21] Parekh represented Canada at the 2023 Hlinka Gretzky Cup, recording three assists in five games to help claim a gold medal.