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Rinse and drain chard; pat dry with paper towels. Remove stems and center ribs from chard, and cut ribs and stems crosswise into 1/4-inch slices. Cut chard leaves into 1-inch strips.
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Heat a Dutch oven over medium heat. Add pancetta; cook 6 minutes or until browned.
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Add onion and garlic, and cook 10 minutes or until lightly browned, stirring frequently.
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Add chard stems, and cook 3 minutes, stirring frequently. Add chard leaves and red pepper; cook 5 minutes or until chard wilts, tossing frequently.
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Cook pasta according to package directions, omitting salt and fat. Drain the pasta in a colander over a bowl; reserve 1/4 cup pasta water.
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Add reserved pasta water and pasta to chard mixture; cook over medium-high heat 1 minute, stirring frequently.
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Stir in 1/4 cup cheese. Add parsley, salt, and black pepper; toss well to combine. Sprinkle with 1/2 cup cheese.