Unfortunately, no.
Time Machine operates within the Mac OS. Parallels is a guest OS and as such is an intermediary to the Windows virtual machine and disk drive. While it may be possible for Parallels to present a file system that Time Machine could see and back up, I have not found a way to make this happen. I'm not wild about setting up yet another backup solution just for the Windows file system, but at the present time this appears to be the only solution to get file-level granularity to my Windows based backups...