The 26-year-old Australian, who moved to Valley Parade from York City in 2012, yesterday committed his future to the Bantams for another two years.
Meredith has made more than 100 appearances and was a key member of the side that won promotion from the basement division two years ago.
Parkinson said: “I am delighted for James. He has been excellent ever since joining us from York.
“His performances have always been consistent and he has proved to be a very good signing for us.”
Meredith, whose existing deal was due to run out in the summer, will be joined in tonight’s back four by Gary MacKenzie after Andrew Davies was ruled out for a few weeks with a hamstring strain.
The Scot, signed from Blackpool on the final day of the winter transfer window, came off the bench against Oldham to make his seventh appearance for the Yorkshire club.
Parkinson, who is again without the suspended Filipe Morais, added: “Gary has grown into the role and we are very pleased with him. He has done well in every game but needed some match practice.
“He is getting stronger and fitter. And his body is adapting to first team football again. I think he is where he wants to be fitness-wise.
“But the big thing for me is Gary is a leader. The lads like him, he has fitted in really well. That is important.”
As for Davies, who had only just returned from an arm injury, Parkinson added: “It is not too serious, but he will be out for a few weeks.
“The scan should confirm, one way or another, what we think. But we don’t think it is too serious and not a tear.
“We are disappointed for Davo, of course we are.
“I feel for him. There has been the problem with his arm but he worked hard to get himself fit.
“That is football, the highs and lows of being a professional.”