Look at it this way: your kitty is very smart but he has learned the wrong thing! He has been rewarded for rough play by having interaction with your parents. He may get more aggressive if this continues and may hurt someone!
I have had to deal with this problem, but the good news is that if you cat is smart enough to learn negative behavior, you can teach him to be gentle.
First step: You have to stop the roughhousing and reward him for being gentle. Don't play with him if you can tell from his body language that he is getting wound up. What I would do is stop playing and see if he was calm enough to pet or touch him without being bitten. If I saw he was about to lunge at me, playtime was over. If he was able to play without being "bitey", he should get a treat.

My cat is 99% gentle now, and he is a much better pet. In fact, he is so well trained that he was able to not touch a baby bird that was in our yard because I told him to "Be soft!" (which means be gentle) when it flew near him. Of course I gave him a treat for that!