Preheat your smoker to 225°F. If you don't have a smoker, you can use an oven set to 350°F and add a few drops of liquid smoke to the cheese sauce for a smoky flavor.
Cook the elbow macaroni according to package instructions until al dente. Drain and set aside.
In a large saucepan over medium heat, melt the butter. Once melted, whisk in the flour and cook for about 1 minute until bubbly.
Gradually whisk in the milk, stirring constantly until the mixture thickens and bubbles, about 5-7 minutes.
Stir in the garlic powder, onion powder, smoked paprika, salt, and black pepper. Remove from heat and add the shredded cheddar and mozzarella cheeses, stirring until melted and smooth.
Combine the cooked macaroni with the cheese sauce, mixing well to coat all the pasta.
Transfer the mac and cheese to a large cast-iron skillet or a baking dish.
In a small bowl, mix the panko breadcrumbs with olive oil and Parmesan cheese. Sprinkle the mixture evenly over the mac and cheese.
Place the skillet or baking dish in the smoker and cook for 30-40 minutes, or until the top is golden and crispy. If using the oven, bake for 20-25 minutes.
Remove from the smoker or oven and let it cool for a few minutes. Garnish with chopped parsley before serving.