It is, so you'd need to include that in the calculation as well (since the interplay between block rate and parry rate is complicated). So effectively, a parry rate of 25% would only affect those physical hits that couldn't be blocked, so (100-{blockRate})% * {parryRate}%. Assuming 25% for both, that's 25% of 75%, or 18.25% (times .2 is only 3.65% mitigation, versus the 5% it would have been otherwise).
Mind, I'm not disagreeing, I'm just a little bit of a math nut, so number charts fascinate the hell out of me. XD
What also needs to be considered is the affect of WAR stacks in Determination that stack 4% every 2.5s up to +20% Parry. Hand in hand with this is the amount of time a WAR spends between hitting their instawrath button and whatever they use it on. Self-heals are also a component here that should be considered, since they contribute to total mitigation.