Bring a large pot of lightly salted water to a boil; add penne and cook, stirring occasionally, until tender yet firm to the bite, about 11 minutes. Drain.
Heat a large skillet over medium heat. Cook and stir bacon in skillet until crispy, about 10 minutes. Remove bacon with a slotted spoon to a plate lined with paper towel to drain.
Cook meatballs in the bacon drippings in the skillet until browned, about 2 minutes per side; remove with a slotted spoon to a bowl.
Stir flour and ranch mix into the retained drippings; cook and stir until the mixture is smooth. Slowly stream milk into the skillet while stirring; continue stirring and bring to a boil. Whisk cream of mushroom soup and ricotta cheese into the milk mixture; add meatballs, asparagus, and mushrooms. Reduce heat to medium-low and simmer until the asparagus is tender, 7 to 10 minutes.
Stir bacon into the sauce; season with red pepper flakes, salt, and black pepper. Garnish sauce with Parmesan cheese and parsley; serve over cooked pasta.