Please give my regards to your parents.

Literal

Honorable-parents [to-に] regards [object-を] honorably-convey please.

ご両親 uses the honorific prefix ご~ (for Sino-Japanese words) to respectfully refer to the listener's parents. お伝えください uses the honorific request pattern お + verb stem + ください. よろしく here means 'regards/best wishes.' A polished keigo sentence.