Set the Instant Pot or electric pressure cooker to saut� on high. Heat the oil in the pot.
Slice the smoked sausage into 1/4� rounds and place in the pot, cooking until browned on each. Remove sausage from the pot and set aside.
Add the macaroni, water, mustard powder, salt, and pepper to the pot.
Place the lid on the pressure cooker and set to sealing.
Cook on manual pressure for 3 minutes.
Quick release the pressure and remove the lid.
Turn the pressure cooker to saut� and stir in the evaporate milk.
Stir in the cheese, one handful at a time, until it's all melted and combined.
Stir the sausage into the macaroni and cheese, top with parsley, and serve.