What exactly does 阅兵 mean/translate as?
Generally I think BBC is a good place to learn English. As "阅兵" is a pretty big event recently, you can see it on news in most English speaking countries. So, just take a look of a news title from BBC: China military parade commemorates WW2 victory over Japan.

"Military parade" looks good to me. However, if you are one of the officials, then you are in a different position. You would call it "review troops". But for outsiders like us, it's an event, a "military parade".