Para-Balloon would make sense, though. I think the P changes meaning, depending on what it's adorned upon..
Para-Wing sounds a bit better than Power-Wing, but the latter still makes sense. Para-Balloon or Power-Ballon would both work, but P-Switch.. I believe that is Power Switch, because Para-Switch would make absolutely zero sense.
None of the P-Switches ever flew (unless you carried/threw them really high in SMW). XD