James LaBrie performs harmony vocals on the song "Life in Still Water" due to Ray Alder having to leave Toronto and not having time to finish with the backing vocals. Producer Terry Brown came up with the idea of bringing in LaBrie, as he had just joined Dream Theater and had a similar style. On March 16, 2010 a special edition of Parallels was released through Metal Blade. This included a remaster of the original album, a bonus disc of live and demo tracks, as well as a DVD.
Eduardo Rivadavia at AllMusic gave Parallels three stars out of five, calling it Fates Warning's "biggest commercial if not artistic success" and "an ideal first purchase for fans of traditional '80s metal." Highlights noted were "Eye to Eye", "Point of View" and "We Only Say Goodbye".
In 2005, the album was ranked No. 371 in Rock Hard magazine's book of The 500 Greatest Rock & Metal Albums of All Time.