Gather all the ingredients listed above for smoother preparation.
In a medium mixing bowl, combine 1 cup of mayonnaise and 1 cup of chili sauce, blending until smooth.
Add 2 teaspoons of smoked paprika and 2 tablespoons of prepared horseradish, stirring to combine.
Incorporate the finely diced yellow onion for added crunch and sweetness.
Add 1 tablespoon of chopped fresh parsley for freshness.
Season with Worcestershire sauce, Tabasco sauce, salt, and pepper to taste, stirring well.
Cover the bowl or transfer to a storage container and refrigerate for at least 30 minutes before serving.