they are so different, a true comparison is difficult.
materials on both are comparable, g10 scales with good steel. with the para you will have more choices, ie, scale color (fg or blk), blade material (d2 or s30v), and serrations (ce, se).
i think the closest in size and blade shape you will find with emerson is the drop point 7 or a100. both carry better in the pocket, imo, because of the narrower profile.
the para is almost certainly the better cutter, given the full height grind, but emersons cut just fine. you may not even notice any difference, in most cases i don't.
do you prefer tip up or tip down, or does it even matter? emersons are all tip up (excepting much older models), and paras are dip down.
the compression lock is likely inherently stronger, but again, you may never notice this. it does take a little getting used to, but is just as easy to operate as a liner lock.
ultimately, i think you will be happy with either, as both would serve you well. its difficult to vote against an emerson (i have a bunch), but in most categories i think the para gets the nod.