Cook pasta in a large pot of salted water according to package instructions until al dente, about 8-10 minutes. Drain and rinse under cold water until chilled.

While pasta is cooking, thaw peas at room temperature for about 5 minutes and cook bacon until crispy in a skillet over medium heat, about 8-10 minutes. Chop bacon and set aside.

In a medium bowl, mix mayonnaise, olive oil, vinegar, sugar, salt, garlic powder, onion powder, and black pepper until smooth.

In a large bowl, combine drained pasta, peas, bacon, and Parmesan cheese. Pour dressing over and toss gently to coat.

Cover and chill in the refrigerator for at least 1 hour before serving for best flavor, but can be served immediately.