Combine flour, baking powder, salt, and pepper in a medium mixing bowl; stir in milk and eggs. Add shrimp, onion, parsley, and hot sauce; stir well to blend ingredients.
Carefully drop batter by tablespoonfuls into deep hot oil (375°); cook only a few at a time, turning once. Fry until fritters are golden brown. Drain well on paper towels. Serve hot with cocktail sauce or tartar sauce.