Scarlet flew back into the lives of the Underhill family when she found nine-year-old Shannon during lunch break.
The talkative African Grey swooped into the playground of Llangewydd Junior School, Bridgend, a quarter of a mile from the family's Laleston home.
"I was nearly crying I was so happy," said Shannon, whose mother called the parrot's return a miracle.
She and her family had feared they would never see Scarlet again.
The bird escaped from her cage at the family home on Saturday.
When a teacher approached Shannon in the playground following Scarlet's arrival, the bird squawked: "Do you want a kiss?"
The school then called Shannon's father, Mark, and four-year-old Scarlet greeted him with the words "Hello daddy".
Shannon's mother Emma said: "After Scarlet was gone for more than 24 hours we never ever expected to get her back.
"But then I got a call from the school.
"I could not believe it and I said 'you must be joking' but the secretary told me 'no, she's sitting here right here on Shannon's shoulder."
School administration officer Charlotte Jury said: "I like to think she wanted to go home, and she found Shannon - the person who could take her there."
A missing parrot turned up two days after it disappeared by landing on the shoulder of its young owner at school.