In a large saucepan, melt the butter over medium heat. Add the chopped onion and sauté until the onion is translucent and lightly golden, about 5-7 minutes.
Stir in the garlic powder, salt, and black pepper, cooking for an additional minute until fragrant.
Add the rice to the saucepan, stirring to coat the rice with the butter and onion mixture. Cook for 2-3 minutes, allowing the rice to toast slightly.
Pour in the chicken broth and bring the mixture to a boil. Once boiling, reduce the heat to low, cover the saucepan, and let it simmer for 18-20 minutes, or until the rice is tender and the liquid is absorbed.
Remove the saucepan from heat and let it sit, covered, for 5 minutes. Fluff the rice with a fork before serving.
Garnish with fresh parsley if desired and serve warm.