We study the relationship between entanglement and parametric resonance in a system of two coupled time-dependent oscillators. As a measure of bipartite entanglement, we calculate the linear entropy for the reduced density operator, from which we study the entanglement dynamics. In particular, we find that the bipartite entanglement increases in time up to a maximal mixing scenario, when the set of auxiliary dynamical parameters are under parametric resonance. Moreover, we obtain a closed relationship between the correlations in the ground state, the localisation of the Wigner function in phase space, and the localisation of the wave function of the total system.