Preheat the oven to 400°F (200°C).
In a large mixing bowl, combine ground beef, breadcrumbs, Parmesan cheese, parsley, minced garlic, egg, salt, pepper, and onion powder. Mix until well combined.
Shape the mixture into meatballs, about 1.5 inches in diameter. Place them on a baking sheet.
Bake the meatballs in the preheated oven for 20 minutes, or until they are cooked through (internal temperature should reach 160°F or 70°C).
While the meatballs are baking, heat olive oil in a large skillet over medium heat. Once hot, add flour and whisk for about 1 minute to form a roux.
Gradually pour in the beef broth while whisking to prevent lumps. Cook for 3-5 minutes until the mixture thickens.
Add heavy cream, Worcestershire sauce, garlic powder, smoked paprika, salt, and pepper to taste. Stir well and simmer for another 5 minutes.
Once the meatballs are done baking, carefully add them to the skillet with the gravy. Stir to coat the meatballs.
Let the meatballs simmer in the gravy for an additional 5 minutes before serving.