Add olive oil to a medium saucepan over medium heat.
Stir in white onion and garlic. Saute for 5-7 minutes, or until fragrant.
Pour roasted red pepper & tomato soup into saucepan. Stir in tomato paste and dried oregano until well combined. Bring mixture to a gentle boil, reduce heat, and let simmer and cook for 20 minutes.
While sauce cooks, prepare pasta according to package directions.
Drain pasta and add to a large bowl. Stir in sauce and meatballs until well combined. You may not need to use all of the sauce.
Garnish pasta with fresh basil and parmesan cheese.