Cook orzo according to package directions. Drain, rinse, and transfer to a large serving bowl.
Meanwhile, heat 2 tbsp. olive oil in a large frying pan over high heat. Add peppers, garlic, and asparagus and cook, stirring often, until vegetables are softened and starting to brown, about 3 minutes.
Add warm pepper mixture to cooked orzo, then add herbs, cheese, remaining 2 tbsp. oil, the salt, and pepper, stirring well. Serve with more parmesan on the side.