Um no. And definitely don't ask Ian this one! When you go parasailing, you are towed behind a boat, attached to a parachute-style wing. Your direction is controlled by the boat, which you remain attached to, and you have very little (if any) control over where you go.
Paragliding is free flight under a high-tech, ram-air airfoil, which the pilot uses to control the direction of flight and (to some extent) the speed. It's much cooler, trust us!