Preheat the oven to 425 degrees F.
Spray a baking sheet with cooking spray. In a small bowl, toss asparagus with olive oil. Place on baking sheet and bake in oven for about 12 minutes. Chop cooked asparagus into 1/2 inch pieces. Set aside.
In a medium bowl whisk together the egg substitutes, milk, salt, pepper and red pepper flakes. Set aside and prepare broiler.
Spray a 9 1/2-inch-diameter nonstick ovenproof skillet with cooking spray. Add margarine to skillet and melt over medium heat. Add asparagus to skillet and pour the egg mixture over the asparagus. Cook for a few minutes until the eggs start to set.
Add the mozzarella and Parmesan cheese. Reduce heat to medium-low and cook until the frittata is almost set but the top is still runny, about 2 minutes.
Place the skillet under the broiler. Broil until the top is set and golden brown on top, about 2-4 minutes. Let the frittata stand 2 minutes. Using a rubber spatula, loosen the frittata from skillet and slide the frittata onto a plate. Cut frittata into 6 equal slices and serve.