1Melt butter in 12-inch skillet or 4-quart Dutch oven over medium-high heat. Cook onion in butter, stirring frequently, until tender; reduce heat to medium.
2Add wine to onion mixture in skillet; cook until liquid has evaporated. Stir in rice. Cook uncovered over medium heat about 5 minutes, stirring frequently, until edges of kernels are translucent.
3Mix broth and water; pour 1/2 cup broth mixture over rice. Cook uncovered, stirring occasionally, until liquid is absorbed. Repeat with remaining broth mixture, 1/2 cup at a time, until rice is tender and creamy. Sprinkle with cheese, pepper and parsley.