Preheat oven to 400 degrees F. In medium bowl, toss shrimp with 1 tablespoon oil, chili powder and paprika until shrimp are evenly coated in oil and spices. Spread shrimp on rimmed baking pan in single layer; transfer to oven and bake 5 minutes or until shrimp are cooked through.
Meanwhile, in large bowl, whisk vinegar, mustard, honey, shallot, grapefruit zest, salt and pepper and remaining 2 tablespoons oil until smooth. Add fennel and toss until well combined. Let stand at room temperature 10 minutes.
Add grapefruit to fennel mixture and gently toss until combined.
Serve shrimp with salad. Garnish salad with parsley leaves, sea salt and/or chopped fennel fronds, if desired.
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