Set a large deep skillet over medium-high heat and add the olive oil. Once the oil is hot, add the chopped green pepper and onion. Cook for 3 minutes, stirring frequently, until softened.
Add the uncooked elbow macaroni, tomato sauce, Worcestershire sauce, Italian seasoning, chili powder, black pepper, garlic powder, and broth. Stir well to combine, then reduce the heat to low.
Cover and simmer for 15 minutes, or until the macaroni is tender and most of the liquid has been absorbed. Stir once or twice during cooking to prevent sticking.
Sprinkle the shredded cheddar cheese over the top and let it melt. Finish with chopped parsley and serve hot.