Paranormal is a term which means "unexplained phenomena". Paranormal Science is the science of studying the Paranormal phenomena.
My first encounter with Paranormal Science was attending a lecture given by Crossroads Paranormal Investigations recently at Florida Supercon. I attended with the perspective of a scientist, meaning open-minded and ready to apply the Scientific Method. After listening to the presentations and hearing the testimony of audience members, it sounds intriguing. The investigators do follow the Scientific method while carrying out their investigations. They take great care to avoid tainting results with their own beliefs, and have accredited education to ensure they do not accidentally adulterate their research.
One of the itnersting aspects of their research was that they visit the site multiple times, at varying hours of the day. During these visits, they take the same readings, in order to be able to factor out common background information.
Of course from presentations and testimony like this, while it might be possible to discredit the investigators' work, one cannot reach any validating conclusion. I think it would take onsite visits to reach a positive conclusion as to the validity of the research.