In a large saucepan or a slow cooker, whisk together the Coca Cola, bottled chili sauce, grape jelly, garlic powder, and onion powder. Stir the mixture over medium heat until the jelly has melted and the sauce is smooth and combined.
Carefully add the frozen meatballs into the sauce. Stir gently to ensure every meatball is fully submerged or well coated in the liquid. If using a stovetop, bring the mixture to a gentle simmer.
Allow the meatballs to simmer uncovered for about 20 to 25 minutes. This allows the sauce to reduce and thicken into a sticky glaze. If you are using a slow cooker, set it to low for 3 to 4 hours or high for 2 hours until the meatballs are heated through and the sauce has darkened.
Once the sauce is thick enough to coat the back of a spoon, remove from the heat. Transfer the meatballs to a serving platter or keep them in the slow cooker on the warm setting. Sprinkle with fresh chopped parsley for a pop of color before serving.
