Try Fn+F8 if you use Macbook keyboard. Also you can use Send keys option -- click Virtual Machine -> Send keys -> F8
Thanks for coming back estrelnikov. Unfortunatley, Send keys is under Actions on my version and greyed out until you start the virtual machine by which time it is already too late. My Parallels is V3.0 Build 5608 Is there ay other way to invoke a boot into safe mode?