This paper presents a new parallel storage management approach which supports the allocation of shared storage bandwidth on a per-application basis. Existing parallel storage systems are unable to differentiate I/Os from different applications and meet per-application bandwidth requirement. This limitation presents a hurdle for applications to achieve their desired performance, which will become even more challenging as high-performance computing (HPC) systems continue to scale up with respect to both the amount of available resources and the number of concurrent applications. This paper proposes a novel solution to address this challenge through the virtualization of parallel file systems (PFSes). Such PFS virtualization is achieved with user-level PFS proxies, which interpose between native PFS clients and servers and schedule the I/Os from different applications according to the resource sharing algorithm (e.g., SFQ(D)). In this way, virtual PFSes can be created on a perapplication basis, each with a specific bandwidth share allocated according to its I/O requirement. This approach is applicable to different PFS-based parallel storage systems and can be transparently integrated with existing as well as future HPC systems. A prototype of this approach is implemented upon PVFS2, a widely used PFS, and evaluated with experiments using a typical parallel I/O benchmark (IOR). Results show that this approach's overhead is very small and it achieves effective proportional sharing under different usage scenarios.