In a small bowl, combine the egg substitute, 1 tablespoon Parmesan cheese and seasonings. Coat an 8-in. nonstick skillet with cooking spray and place over medium heat. Pour egg mixture into skillet.
As egg sets, lift edges, letting uncooked portion flow underneath. When the eggs are set, layer the zucchini, red pepper, bacon and cheddar cheese on one side; fold omelet in half. Sprinkle top with remaining Parmesan cheese. Remove from the heat; cover and let stand for 3-4 minutes or until cheese is melted.