Air carrier flight crew reported while being vectored to a visual approach inside the FAF resulting in the aircraft descending below the glide-path towards terrain. The flight crew leveled off and rejoined the glide-path landing safely at the airport.

Narrative

We were being vectored onto the visual for XXL and I set 7200 in the altitude selector since we were being vectored shallow onto the approach after the final approach fix. I decided I did not like how shallow the intercept was and squared off and got established on final. I did not reset the altitude for higher so we ended up being 1000 AGL 5 miles out instead of 3 miles out. After realizing I was at 1000 AGL and still descending with the autopilot on I disengage the AP; leveled off the aircraft and maintained 1000 ft. until I received 2 red and 2 white on the PAPIs.I think the high workload environment and lack of communication led to being too low. I set the altitude and the Captain noticed it and agreed it would be a sufficient altitude assuming our shallow intercept but once I squared off the turn to final I did not change the altitude and I did not communicate with him what my updated plan of action was concerning the descent. We were also looking for traffic on the parallel runway at a similar altitude while configuring the aircraft which created a very high workload environment.In the future I will always opt to select a higher altitude to avoid being too low. I will communicate why I am setting that altitude briefly; but clearly with my other crew member. I will also delegate tasks better in dividing my attention. I will also implement a 300 feet per mi approach to my descent planning on visual approaches.