"I'm very pleased with the performance," said Parkinson.
"As must-win games go it was right up there. Plymouth are in a perilous position and looking over their shoulders and we knew we could bring them closer to us."
Parkinson's side have been training at the David Beckham Academy due to the recent bad weather and something must have rubbed off on Racon who came up with a goal the England superstar would have been proud of.
The Frenchman has only recently returned to action following a long-term knee injury, and capped an excellent display with a superb curling effort from the edge of the area after 33 minutes.
Bailey missed a penalty after the break, with overworked Plymouth goalkeeper Romain Larrieu pulling off a fine save, and moments later ballooned over the bar from six yards.
But to the former Southend midfielder's huge credit, he did not hide and made amends when he tucked away the second in the 68th minute, latching on to Racon's through-ball and slotting past Larrieu.
"Bailey epitomised the team performance today. He missed the penalty and missed another chance from six yards and heads could have gone down," added Parkinson.
"But Nicky was rewarded with his goal - he had the bravery to keep getting into those positions.
"We've waited patiently for Therry and he was able to show the home support what he is all about. His performance was excellent and I'm really pleased for him. He ticks all the boxes for the modern-day midfielder."
Plymouth came agonisingly close to equalising moments after Racon's strike, but Paul Gallagher's 25-yard free-kick was deflected on to the crossbar.
But a poor performance leaves them without a win in seven league outings and heading towards the danger zone.
Paul Sturrock kept his players in the dressing room for an hour afterwards.
The Scot admitted a heated discussion had taken place, and said: "I've poured my heart out and so have a lot of the players.
"There were a lot of angry words but it needed to be done and we'll be better for it.
"Winning games is what my job is all about and we are not doing that.
"I am frustrated, annoyed and angry with myself and others. But never will Paul Sturrock walk away from a challenge - and this is a challenge!"