The Stade Francais star, an inspirational leader for the Azzurri, will line up at number eight for the invitational side in a team much changed from Sunday's heavy defeat to England.
Saturday's clash is the opening game of the Lions' tour before they proceed to Australia for three Tests and another six fixtures against Australian state sides and a combined New South Wales-Queensland XV.
Uncapped Wasps back Elliott Daly switches from full-back to outside centre for the Baa-Baas while his fellow try-scorer against England, South Africa hooker Schalk Brits, moves up to the starting line-up.
Welsh pair James Hook and Dwayne Peel replace Nick Evans and Dimitri Yachvili in the half-back positions.
New Zealand's Casey Laulala and United States international Takudzwa Ngwenya remain in the three-quarter-line and are joined by another All Black, Joe Rokocoko, and Daly. Jared Payne, Ulster's uncapped New Zealander, starts at number 15.
Wasps' South Africa lock Marco Wentzel is the only forward retained in the starting line-up and is joined in the second row by Australia's Dean Mumm.
Northampton's Samu Manoa and Wasps' Sam Jones flank Parisse in the back row, with Wales' Paul James and Italy's Martin Castrogiovanni the props either side of Brits.
Barbarians team to face British and Irish Lions, Hong Kong, Saturday June 1:
J Payne (Ulster); J Rokocoko (Bayonne & New Zealand), E Daly (Wasps), C Laulala (Munster & New Zealand), T Ngwenya (Biarritz & USA); N Evans (Harlequins & New Zealand), D Yachvili (Biarritz & France); P James (Bath & Wales), S Brits (Saracens & South Africa), M Castrogiovanni (Leicester & Italy), M Wentzel (Wasps & South Africa), D Mumm (Exeter & Australia), S Manoa (Northampton & USA), S Jones (London Wasps), S Parisse (Stade Francais & Italy, captain).
Replacements: L Ghiraldini (Benetton Treviso & Italy), D Jones (Ospreys & Wales), A Lo Cicero (Racing Metro & Italy), J Hamilton (Gloucester & Scotland), I Harinordoquy (Biarritz & France), K Fotuali'i (Ospreys & Samoa), J Hook (Perpignan & Wales), M Tindall (Gloucester & England).