Place asparagus in an ungreased 11x7-in. baking dish; add water. Arrange cod over asparagus. Sprinkle with lemon juice, lemon pepper and garlic powder. Dot with butter; sprinkle with capers.
Bake, uncovered, at 400° F for 12-15 minutes or until fish flakes easily with a fork and asparagus is tender. If desired, sprinkle with parsley.