The parade occurs several times a night even on non-peak nights. When we were there last weekend, I'd estimate it ran 6-8 times each night. It usually begins by jaws and works it's way around the park and ends near the make-up show. It then runs the course in reverse at the next scheduled time.
This years parade was pretty good. They toss out beads, dubloons, and candy. It's not a huge parade (maybe 7 or 8 floats plus street performers), but it's a lot of fun and the crowd really gets into it.
Parade times are printed in the park map.
Jim