In a food processor, combine the soaked cashews, nutritional yeast, lemon juice, olive oil, garlic powder, onion powder, smoked paprika, salt, and black pepper. Process until smooth and creamy, scraping down the sides as needed. The mixture should resemble a thick spreadable cheese.
Transfer the mixture to a medium bowl and cover it with plastic wrap. Refrigerate for at least 1 hour to firm up.
Remove the mixture from the refrigerator and use clean hands to shape it into a rounded ball. Place the ball on a plate or small tray.
In a shallow dish, mix the chopped parsley and toasted pecans. Roll the cheese ball in the mixture, pressing gently to coat it evenly on all sides.
Serve immediately or refrigerate until ready to serve. Allow the cheese ball to sit at room temperature for 10 minutes before serving for the best texture.