This paper presents a nonlinear-model based hybrid optimal control technique to compute a suboptimal power-split strategy for power/energy management in a parallel hybrid electric vehicle (PHEV). The power-split strategy is obtained as model predictive control solution to the power management control problem (PMCP) of the PHEV, i.e., to decide upon the power distribution among the internal combustion engine, an electric drive, and other subsystems. A hierarchical control structure of the hybrid vehicle, i.e., supervisory level and local or subsystem level is assumed in this study. The PMCP consists of a dynamical nonlinear model, and a performance index, both of which are formulated for power flows at the supervisory level. The model is described as a bi-modal switched system, consistent with the operating mode of the electric ED. The performance index prescribing the desired behavior penalizes vehicle tracking errors, fuel consumption, and frictional losses, as well as sustaining the battery state of charge (SOC). The power-split strategy is obtained by first creating the embedded optimal control problem (EOCP) from the original bi-modal switched system model with the performance index. Direct collocation is applied to transform the problem into a nonlinear programming problem. A nonlinear predictive control technique (NMPC) in conjunction with a sequential quadratic programming solver is used to compute suboptimal numerical solutions to the PMCP. Methods for approximating the numerical solution to the EOCP with trajectories of the original bi-modal PHEV are also presented in this paper. The usefulness of the approach is illustrated via simulation results on several case studies.