Rinse the basil gently and dry thoroughly.
Add the basil, Greek yogurt, olive oil, Parmesan, lemon juice, honey, garlic, salt, and black pepper to a blender or food processor.
Blend until smooth and creamy, stopping to scrape down the sides as necessary.
Add cold water one tablespoon at a time until the dressing reaches your desired consistency.
Taste and adjust the lemon juice, salt, pepper, or honey if needed.
Serve immediately or transfer to an airtight container and refrigerate until ready to use.