The new and distinct cultivar of ornamental cultivar of bee balm plant named Monarda ‘Pink Frosting’ has rounded, compact, clumping habit with short rhizomes, basally branching stems, medium to dark green foliage, numerous large pastel pink-colored flowers creating excellent flower coverage and foliar resistance to powdery mildew. The new plant is useful for landscaping in containers or in the ground, as accent plants or en masse.