Melt the butter in a small saucepan over medium heat.
Add the diced onion and cook for 3 to 4 minutes, stirring occasionally, until softened. Add the garlic and cook for another 30 seconds.
Stir in the Cajun seasoning, smoked paprika, and Old Bay. Cook for 30 seconds, stirring constantly, until fragrant.
Add the Worcestershire sauce, lemon juice, and hot sauce, if using. Stir until well combined and cook for 1 minute.
Remove from the heat and stir in the fresh parsley. Spoon or pour the sauce over cooked seafood, use it as a dipping sauce, or toss it with a seafood boil.