Press the Sauté button on the Instant Pot. Heat about 2 teaspoons of olive oil until glistening, then sauté the asparagus for 3-5 minutes, until fork tender. Turn off the sauté function, transfer the asparagus to a bowl, and cover with foil to keep warm.
Turn on the Sauté function again and heat another 1-2 teaspoons of olive oil. Sauté the onion for 3-5 minutes, stirring frequently, until the onion starts to soften and become translucent. Add the garlic, then turn off the Sauté function and let it sit for about a minute.
Add a small amount of the broth to the onion and garlic. Use a spatula to deglaze the bottom of the insert, making sure there is no food stuck to the bottom.
Add the remaining broth, rice, Tone's® Lemon Pepper Seasoning, and butter. Stir to combine.
Close the lid, set to sealing, and cook on high pressure for 6 minutes. It will take 5-10 minutes to come to pressure.
At end of cooking time, quick release the pressure, carefully remove the lid, add the parmesan shavings, and stir well. Add the cooked asparagus and stir until evenly distributed. Serve immediately with additional parmesan shavings and freshly squeezed lemon juice, if desired.