In a blender or food processor, combine the olive oil, white vinegar, and water.
Add the Parmesan cheese, lemon juice, and honey to the mixture.
Season with Italian seasoning, garlic powder, onion powder, salt, and pepper.
Blend until the mixture is smooth and emulsified, about 30 seconds to 1 minute.
Taste and adjust seasoning if necessary.
Transfer the dressing to an airtight container or jar and refrigerate for at least an hour before serving to let the flavors meld.