Para EQs offer more tweakability than than graphic EQs.
The frequency of each band and also the Q (shape width) can be set.
There are different shapes you can use, one is called "Bell" because the shape looks like a bell, lets say you have hum at 50 (or 60) hz, with a para EQ Bell band you could set the frequency at 50hz and dial in a very narrow Q with negative gain to basically just cut out that frequency and remove the hum.
By widening the "Q" we make the Bell shape fatter so it affects a wider frequency range.
Using a Para EQ you can finely adjust your frequencies, they are extremely useful.
There are also other shapes, this is nice little intro:
http://audio.tutsplus.com/tutorials/production/how-to-use-a-parametric-equalizer/Cheers
Andy