Beat cream cheese and Cheddar cheese with electric mixer at medium speed until well blended.
Add bell pepper, onion, Worcestershire sauce, lemon juice and red pepper; mix well.
Refrigerate several hours or overnight.
Place drinking glass in center of serving platter.
Drop rounded tablespoonfuls of mixture to form ring around glass, just touching outer edge of glass; smooth with spatula.
Garnish with chopped fresh parsley and chopped red bell pepper.
Serve with crackers.