We take an everyday mixing tool like the parametric equalizer for granted, but it's actually a relatively new device, making its debut in 1972. The inventor of the first practical parametric was audio and electronic engineer par excellence George Massenburg. In this video, George takes us through the history of the parametric.
Here's a great video of audio and recording great George Massenburg demonstrating his famous GML8200 parametric equalizer. The 8200 is revered for its lack of color and clean transparent sound and that's certainly in evidence here.
It may not be obvious in the video exactly what George is doing so let me outline a couple of EQ methods that he's touching on.
The first that he's showing is subtractive EQ, where he's turning up the gain of a band, then sweeping around the frequencies until he finds one that really sticks out. That's the frequency that needs to be attenuated.
The second is a technique called frequency juggling, where a frequency of one instrument (in this case the piano) is attenuated so that it leaves room so you can hear another better (in this case it's the vocal).