You didn't specify a machine model, so I'll assume that we're working with an EREW PRAM. The complexity measure you care about is called "span", the number of rounds the computation takes. There is also "work" (number of operations, summed over all processors) and "cost" (span times number of processors).
From the point of view of theory, the obvious answer is to modify an O(log n)-depth sorting network (AKS or Goodrich's Zigzag Sort) to count swaps, then return (number of swaps) mod 2. The code is very complex, and the constant factors are quite large.
A more practical algorithm is to use Batcher's bitonic sorting network instead, which raises the span to O(log2 n) but has reasonable constant factors (such that people actually use it in practice to sort on GPUs).
I can't think of a practical deterministic algorithm with span O(log n), but here's a randomized algorithm with span O(log n) with high probability. Assume n processors and let the (modifiable) input be Perm. Let Coin be an array of n Booleans.
In each of O(log n) passes, the processors do the following in parallel, where i ∈ {0…n-1} identifies the processor, and swaps ← 0 initially. Lower case variables denote processor-local variables.
Coin[i] ← true with probability 1/2, false with probability 1/2
(barrier synchronization required in asynchronous models)
if Coin[i]
j ← Perm[i]
if not Coin[j]
Perm[i] ← Perm[j]
Perm[j] ← j
swaps ← swaps + 1
end if
end if
(barrier synchronization required in asynchronous models)
Afterwards, we sum up the local values of swaps and mod by 2.
Each pass reduces the number of i such that Perm[i] ≠ i by 1/4 of the current total in expectation. Thanks to the linearity of expectation, the expected total is at most n(3/4)r, so after r = 2 log4/3 n = O(log n) passes, the expected total is at most 1/n, which in turn bounds the probability that the algorithm has not converged to the identity permutation as required. On failure, we can just switch to the O(n)-span serial algorithm without blowing up the expected span, or just try again.