Parry is a mechanism used to generate defense buffs. When the you are attacked and trigger a parry, you'll get a buff that boosts your defense for a short period of time.
The Parry Effect perks were designed for the skill of Parry Armor, but it doesn't seem to be working for some reason at the moment, we'll fix this bug in the next version.
Thank you for the prompt response! I'd like to add that a successful parry shows a zero "0" damage received in comparison to dodge that shows a "Miss" indicator. Or it could be that i received a zeroed damage because the parry buff is in effect at the moment... But nonetheless, I updated the game, I'll check the changes.