Heat oil in Dutch oven over medium heat. Cook sausage 5 minutes and remove from pan.
Add chicken, cayenne pepper, and 1 tablespoons Emeril's essence to pan and cook 5 minutes. Remove from pan.
Add onions, bell peppers, remaining essence and garlic to pan and cook 8-10 minutes, until vegetables are softened. Add rice and cook, stirring 3-5 minutes.
Return sausage and chicken to pan. Add stock and bay leaf. Increase heat to medium-high and bring to a boil. Cover and reduce heat to low. Cook 25 minutes; remove from heat. Let stand, covered, 10 minutes.
Remove bay leaf and stir in green onions and parsley to serve.