Turn Instant Pot on SAUTE mode set to low. Add the olive oil. When it’s hot, add the onion and garlic. Cook, stirring, until softened (about 5 minutes).
Then, add the orzo and rice cook for one minute while stirring to combine ingredients.
Turn off SAUTE mode. Add vegetable broth along with the paprika, salt, and pepper. If using dried parsley, add that now as well.
Place the lid on. Make sure valve is switched to sealing. Turn SAUTE off and select MANUAL mode (high pressure) for 3 minutes. Once cooked, allow the pressure to come down naturally. This will take anywhere from 12-15 minutes.
Open the lid and stir in the fresh parsley, if using. Let the rice sit for a few minutes before serving. Fluff the pilaf with a fork, and serve warm or at room temperature.