Forgive me if I'm misunderstanding it, but what I see as the biggest issues with parry are (A) it's unbalanced where it's useful, since Paladins get less use out of it than the other two tanks, and (B) it is completely useless to offtanks. They don't take any physical damage, so it's a dead stat on their gear.

Perhaps make it so that parry has a chance to trigger a bonus auto-attack? Not a "Parry, and you can use this skill" case, or "Parry, and you deal a bit of damage back", I mean when you auto-attack, you might get a second auto-attack, with a chance based off of Parry.

A slight confession, I love the sound effect of a parried hit on paladin.