Parks played for Glasgow Warriors and Cardiff Blues before finishing his career with two seasons at Connacht, eventually racking up 1,582 points in 171 appearances.
The Australian-born fly-half also won 66 caps for Scotland, the last of which came in 2012, and holds the Scottish international record for drop goals, with 17.
His final RaboDirect PRO12 appearance came from the bench, against Ospreys in May, before the 36-year-old decided to hang up his boots.
"I feel incredibly fortunate to have been able to play a sport which I love for over 11 years as a professional," said Parks.
"My time over here in Scotland, Wales and Ireland has been the best years of my life, and I would like to thank all those who have contributed and helped me along this amazing journey.
"Of course, my highlight was being able to wear the blue of Scotland, and something I will forever treasure and hold very close to my heart.
"I plan to stay closely involved with the game, through TV, commercial work and coaching, and I am really excited about the future and continuing to be involved in the sport I am so passionate about and that has given me so much."
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