Preheat oven to 300 degrees F (150 degrees C). Prepare a baking sheet with cooking spray.

Spread pine nuts on the prepared baking sheet.

Bake in the preheated oven until most of the pine nuts are light golden brown and fragrant, about 20 minutes. Remove pine nuts and keep oven at 300 degrees F (150 degrees C).

Cook and stir sugar and water in a saucepan over medium heat until mixture turns light brown and syrupy, 5 to 10 minutes. Remove syrup from heat; fold in pine nuts to coat. Add Parmesan cheese; stir to coat.

Line baking sheet with waxed paper; spread coated pine nuts onto sheet, separating any bunches.

Bake in the preheated oven until cheese is melted, about 10 minutes.