We introduce a new method for reducing phase noise in oscillators, thereby improving their frequency precision. The noise reduction device consists of a pair of coupled nonlinear resonating elements that are driven parametrically by the output of a conventional oscillator at a frequency close to the sum of the linear mode frequencies. Above the threshold for parametric response, the coupled resonators exhibit self-oscillation at an inherent frequency. We find operating points of the device for which this periodic signal is immune to frequency noise in the driving oscillator, providing a way to clean its phase noise. We present results for the effect of thermal noise to advance a broader understanding of the overall noise sensitivity and the fundamental operating limits.