Domain parking refers to the a site that is typically provided by the registrar that simply displays advertising and banners, although some parking pages are becoming more complex including information from various sources to attempt to boost the page rank.
Domain redirection on the other hand refers to having a domain redirect to a URL (example.com redirecting to http://mysite.com/somepage with an HTTP 301 redirect).
They are really two different concepts. In some cases a parking page will automatically be created for you by the registrar (although they'll likely be taking the revenue initially, if there is any, which there likely will not). URL forwarding on the other hand is something you usually set up.
Domain redirection on the other hand refers to having a domain redirect to a URL (example.com redirecting to http://mysite.com/somepage with an HTTP 301 redirect).
They are really two different concepts. In some cases a parking page will automatically be created for you by the registrar (although they'll likely be taking the revenue initially, if there is any, which there likely will not). URL forwarding on the other hand is something you usually set up.