The value of ParsePath is defined in the fusebox.xml file for your application. This is a relative path that describes how to go from the the location of your fusebox.xml file (your application root) to the directory where Fusebox places all your parsed files. If your files are all located inside the same directory, this value can remain as the default value defined below:

<parameter name="ParsePath" value="parsed/" />

If you wish to place the parsed files in another directory, then this value is what ties the two locations together.