I would like a direct view of the Christmas parade.

There aren't really any restaurants at the Magic Kingdom that have a direct view of the parade. Tony's Town Square is the only restaurant that is right on the parade route, but there is no outdoor seating. The Plaza restaurant has outdoor seating, but the view of the parade would not be very good; there would be many people standing in between you and the floats. 

For the regular parade (Festival of Fantasy) there is a dining package available at Tony's Town Square where you eat lunch at the restaurant and they are allowed into a special viewing area for the parade, although it is still standing room only. There are no available spots in the package for 12/28, but that's likely because they have not released the packages yet for the holiday parade.