A parachute release system is configured to releasably couple a parachute to a payload. A parachute release mechanism is coupled to a suspension strap routed through a strap sleeve. The parachute release mechanism is configured to provide near-simultaneous separation of the suspension straps from the payload via operation of a rotatable hinge pin. The strap sleeve reduces the possibility of the suspension strap becoming entangled with the payload. With this system and method, larger payloads may be supported and/or the mass of the parachute release system may be reduced.