I've carefully studied the make up of the waffle iron and have concluded that it's indeed in parallel (damn, should've figured that out the first time). The attached picture is a diagram of the waffle iron.
AC = power imput
R1 = heating element attached to top plate
R2 = heating element attached to bottom plate
1 = probably "Ready" light
2 = probably "On/Off" light
Adj. Bimetal = bimetal thermostat which can be adjusted with the dial
? = the mystery part. This is attached to the top plate, but not to R1 other than a wire. It's attached with what seems to be a ceramic holder.
The heating elements have the following engraved on them "729K 115V 500W" (729K might be the max temp?)
Anybody any idea what this mystery part is. It might be a thermal fuse, but it does not seem broken and doesn't look at all like any thermal fuses I've seen. Perhaps it's purpose is for the "Ready" light, but the main power is directly attached to it.
(I've reattached the pictures of the part)