Bring a large pot of salted water to a boil and cook the gnocchi until they float to the surface and become tender. Before draining, reserve about half a cup of the cooking water. Drain the gnocchi and set aside while preparing the sauce.
Heat olive oil in a large skillet over medium heat. Add the tomato paste, garlic, red pepper flakes, and chopped roasted red peppers. Stir continuously for a few minutes until the mixture becomes fragrant and slightly darker in color.
Pour in the heavy cream along with a splash of the reserved gnocchi water. Stir gently and let the sauce simmer until slightly thickened. Add Parmesan cheese and season with salt and pepper, adjusting to taste.
Add the cooked gnocchi directly into the skillet with the sauce. Toss gently until each piece is fully coated. Let everything warm together for another minute, then remove from heat and serve.