Preheat oven to 400° and line a baking sheet with parchment paper or aluminum foil.

Mix the olive oil, salt, pepper and balsamic together. Set aside.

Bring a small pan of water to a boil and drop the pearl onions in for 30 seconds. Immediately remove from water and put in bowl of ice water. Let set about 5 minutes. Cut off the root end of the onion and squeeze to pop the peeled onion out of the skin. Set aside.

Cut off the tough woody ends of the asparagus and arrange on the baking sheet. Scatter the pearl onions around the asparagus.

Drizze with the olive oil mixture and bake for about 9-10 minutes (depending on thickness of asparagus). Remove from oven and sprinkle with the parmesan cheese and return to oven and bake another 4-5 minutes.

Remove from oven and serve.