01 - Cook fettuccine in large pot of salted boiling water until al dente. Reserve 1/2 cup pasta water, then drain and set aside.
02 - Heat olive oil and butter in large skillet over medium heat. Add sliced onions and salt. Cook stirring occasionally until onions soften and start to brown, about 10 minutes.
03 - Sprinkle brown sugar and continue cooking onions, stirring frequently, until deeply caramelized and golden, 15-20 more minutes.
04 - Add garlic and red chili pepper to onions. Sauté for 1-2 minutes until fragrant.
05 - Stir in honey, heavy cream, Parmesan, red pepper flakes and black pepper. Simmer gently for 2-3 minutes until sauce thickens slightly.
06 - Add cooked fettuccine to skillet. Toss well to coat, adding reserved pasta water one tablespoon at a time until sauce reaches desired consistency.
07 - Taste and adjust seasoning as needed. Serve hot garnished with fresh parsley and extra Parmesan cheese.