Timing on this recipe is important, so have your bacon cooked and eggs ready when the pasta is done. Do not let the pasta drain completely; for the creamiest sauce, you want a little of the water still clinging to the noodles when you add them to the eggs.
Bring a large pot of water to a boil. Cook pasta according to package directions. Reserve 1/4 cup pasta water; drain pasta.
Cook bacon in a large skillet over medium heat 5 minutes or until crisp. Remove bacon from pan with a slotted spoon, reserving drippings in pan. Remove pan from heat.
Combine milk, pepper, salt, eggs, and cheese in a medium bowl, stirring with a whisk. Slowly drizzle in reserved 1/4 cup pasta water, stirring constantly with a whisk. Slowly add pasta to egg mixture, stirring constantly. Add egg mixture to bacon drippings. Place pan over low heat; cook 2 minutes or until liquid begins to thicken, stirring constantly. Sprinkle with bacon and parsley; serve immediately.