Heat oil in a medium saucepan over medium heat. Add onion and garlic; sauté 1 minute. Stir in rice. Add 1/2 cup broth; cook until liquid is nearly absorbed, stirring constantly. Add remaining broth, 1/2 cup at a time, stirring constantly until each portion of broth is nearly absorbed before adding the next portion of broth.
Remove from heat; stir in 1/4 cup feta cheese, parsley, and Parmesan cheese. Spoon rice mixture into a serving bowl; top with 1/4 cup feta cheese and pepper.