Nope there is no other way. At the moment the 'Parent' would have to qualify, apply and be approved for another type of visa on their own merits.
Depending on age they could look at skilled migrant or even the entrepreneur route.
A media report in July this year stated the government would announce their decision on the future of the Parent Resident Visa Category soon but as yet that has not come through.
EOI submitted Jan 2010. ITA Jan 2010. ITA submitted Apr 2010. RV approved June 2011. Passports stickered and returned Aug 2011. Secured job Dec 2011. Arrived Mar 2012. PRV Mar 2014..........Citizenship applications submitted June 2020!!!