Parkerizing is an electrochemical surface conversion process that doesn't work on aluminum surfaces, only ferrous ones. The black ones found on my Honda 750s and 550s were originally black anodized. This, in essence, is chemically forcing the aluminum surface to oxidize, while introducing a Black Dye. Other color dyes can be used, as well. Sunlight bleaches these dyes out, leaving the oxidation coating clear or ever lighter shades of grey during the bleaching process. The finish can be repeated at facilities that do anodizing of aluminum. But, the red accents painted in the indentations will also have to be renewed, if you want the original look.
I've also heard that later model bikes had painted controls. I haven't seen any, though. I don't know of any home applied paints that will resist brake fluid attacks like anodizing will.
Since you don't say which bike you are addressing, you probably won't get a specific answer.
Cheers,