To create a party in Ragnarok Online, use the /organize command.
/organize <partyname> or
/organize <"partyname1 partyname2">
For names containing spaces, put quotes around partyname.
After creating a party, you may invite players by
-clicking their avatar and clicking on "Ask (player name) to join party".
You can set the how drops and experience are distributed to the party.
In a party, party members will show up on the mini-map as triangles. Also, you may view their whereabouts in the party window or the friend window if you click on a circle in the party window. Party members may also view the other players' health in the form of a green bar under the players' avatars. Party Spells may also be used to "buff" all players at once within a screen from the caster. For example, Blessing buffs any one player, while Magnificat will buff your entire party but can't be used on outsiders.