Bring a large pot of well-salted water to a boil over high heat. Add the pasta and cook according to the package instructions until al dente. Reserve ½ cup of the pasta cooking water and then drain the pasta (but do not rinse).
While the pasta cooks, season the shrimp with the salt, pepper and paprika. In a large, non-reactive skillet, heat the oil over medium-high heat. Add the shrimp in a single layer and cook for 1 to 2 minutes per side, until opaque and just cooked through. Use a slotted spoon or tongs to transfer the shrimp to a plate.
In the same pan over medium-heat, melt the butter. Add the onion powder and whisk for 30 seconds. Add the wine, using a whisk to scrape up any browned bits from the bottom of the pan. Let the wine reduce until only about a quarter of the liquid remains, 2 to 3 minutes. Add the garlic and cook for another minute, until fragrant.
Whisk in the cream and the red pepper flakes. While continuing to whisk, bring the cream to a gentle simmer and reduce the heat to low. Cook for 2 minutes, until the sauce thickens slightly. Sprinkle the Parmesan over the sauce and whisk to combine. Remove the pan from heat, stir in the parsley, and season with more salt, pepper and paprika, if needed. If the sauce looks too thick, add the reserved pasta water 1 tablespoon at a time until you've achieved the desired consistency. Return the shrimp to the pan, add the pasta, and toss to combine.