Source : Webster's Revised Unabridged Dictionary (1913)

Parse \Parse\, v. t. [imp. & p. p. {Parsed}; p. pr. & vb. n.
   {Parsing}.] [L. pars a part; pars orationis a part of speech.
   See {Part}, n.] (Gram.)
   To resolve into its elements, as a sentence, pointing out the
   several parts of speech, and their relation to each other by
   government or agreement; to analyze and describe
   grammatically.

         Let him construe the letter into English, and parse it
         over perfectly.                          --Ascham.

Source : WordNet®

parse
     v : analyze syntactically by assigning a constituent structure
         to (a sentence)