Preheat your oven to 425°F (220°C).
Wash and scrub the baby potatoes, then cut them in halves or quarters, depending on their size.
In a mixing bowl, combine the olive oil, ranch dressing mix, garlic powder, onion powder, salt, and pepper.
Add the cut potatoes to the bowl, and toss them until they are evenly coated with the seasoning mixture.
Line the baking sheet with parchment paper for easier cleanup (optional). Spread the potatoes out in a single layer on the baking sheet.
Roast the potatoes in the preheated oven for about 25 minutes or until they are golden brown and fork-tender.
Remove the baking sheet from the oven, sprinkle the shredded cheddar cheese over the potatoes, and return them to the oven for an additional 5 minutes, or until the cheese is melted and bubbly.
Remove from the oven, garnish with chopped fresh parsley, and serve hot.