Combine tomatoes and water in a small bowl; cover and let stand 15 minutes. Drain tomatoes, and slice thinly; set aside.
Cook pasta according to package directions, omitting salt and fat. Drain and set aside.
Saute mushrooms and shallots in hot olive oil until tender. Add tomato and pesto sauce; cook, uncovered, over medium heat 5 minutes. Add reserved pasta and pepper strips; stir well. Cover and cook an additional 5 minutes or until thoroughly heated. Sprinkle with fresh parsley, and serve immediately.