"It's going to take some incredible darts to beat him. I can't see myself doing it, to be honest," Parata said.
"My goal is just to ... make my family and friends proud."
Parry said he would do his best, describing Taylor and the other British visitor - world No3 Adrian "Jackpot" Lewis - as "formidable opponents".
There are eight competitors in the series - Taylor and Lewis, two Australians and four New Zealanders - playing in Invercargill, Wellington and Sydney before the finals in Sydney next week.
Parata and Parry, who both play at the Invercargill Workingmen's Club, say their aim is to reach the top six and take home a share of the $100,000 prize pool.
Parata, 31, took up the sport only five years ago, sticking with it when he found he was good at it.
He fought his way into the King of Darts series by winning a qualifying tournament in Timaru last year.
Parry has played for 27 years, representing New Zealand for many years and competing in three Professional Darts Corporation world championships.
In September, he stunned the darts fraternity when he beat the world No1, Dutchman Michael van Gerwen, at the Sydney Masters tournament.
The wildcard entry for the King of Darts series has met Taylor before, although he has never played him.
"He's a good guy to talk to. He's pretty down to earth."
But Parry, who turns 51 tomorrow, says he hasn't managed to win anything like Taylor's fortune.
"Twelve million? I'd be lucky if I've made 12 [dollars]. Playing darts has cost me money."
Invercargill was not originally on the King of Darts schedule, Dart Players New Zealand administrator Dale Frampton said.
Frampton, of Invercargill, was helping find a venue in Christchurch but switched his attention to Invercargill's new stadium when the Christchurch location fell through.
He said he was not sure initially if Invercargill could attract a big enough audience for the event.
"The promoters are looking at this as a footprint for a regular Australasian circuit and it needs to go well."
Darts, once considered merely a pub pastime, had entered a different league with professional tournaments designed to attract live audiences, and screened to global television audiences, Frampton said.
"When people heard we were trying to get Phil Taylor to Invercargill they said it would never happen. But it's happening."
He said close to 3000 tickets had been sold.