Add asparagus and water to a 10-inch skillet over medium heat; cover. Steam asparagus until tender, about 10 minutes; drain.

Return asparagus in skillet to heat; reduce heat to low. Drizzle asparagus with olive oil; sprinkle with Parmesan cheese. Add grape tomatoes to the skillet; cover and allow to sit, covered, until cheese melts and tomatoes are slightly steamed, about 2 minutes.