Parametric EQ is so-called because it has controls to adjust all the parameters of tone control. These are:
• Frequency. The central frequency of the envelope in which the signal is boosted or cut.
• Bandwidth (of which Q is a relation). The number of octaves (or fractions of an octave) over which the signal is affected by boosting or cutting. Bandwidth and Q describe the same thing, but - see below - use different (and inverse) scales: the higher the Q, the lower the bandwidth, and vice versa. The range of possible adjustment can run from about 1/60 octave (Q = approximately 90) to about 3 octaves (Q = approximately 0.4).
• Gain. The amount by which the signal is boosted or cut.
Sweepable midrange EQ (found on some budget and most mid-priced desks), which has only frequency and gain controls, is sometimes incorrectly described as "parametric". However, the term "semi-parametric" is more often used for this type of EQ. To distinguish it from this, the EQ - which include a bandwidth or Q control - is often described as "fully parametric".
What is it again ??
A parametric EQ is an EQ which has controls for Frequency, Bandwidth or Q, and Gain.