A circular parachute includes a circularly shaped canopy having a skirt band and a plurality of cascaded, Y-shaped main suspension lines connected to the skirt band that converge downwardly to a suspension line junction. Each main suspension line includes a lower segment that branches into at least two upper segments. One embodiment includes a canopy with a vent band and Y-shaped vent suspension lines that converge downwardly to a vent centerline. A generally planar reefing device for slowing the opening of the canopy defines a plurality of openings through which the main suspension lines extend. In one reefing device embodiment, a strip of material (e.g., a nylon strap) is folded into multiple strip segments arranged in a five-point star configuration. Eyelets in the form of brass grommets extending through the strip segment junctions form suspension-line-receiving openings.