Place the olives in a food processor or blender; pulse the olives until slightly chopped; remove to a bowl and set aside.
Combine the capers, onion, garlic, parsley, Parmesan cheese, olive oil, balsamic vinegar, salt, black pepper, and about half of the red bell pepper in the food processor or blender; blend until finely chopped. Add to the olives and mix. Sprinkle remaining red pepper over the mixture.
