parā anyā cāsāvākāṅkṣā ceti vigrahaḥ / parasmin vā saṃvādādanyasmin ākāṅkṣā parākāṅkṣā, tasyā vinivṛtter iti samāsaḥ /
This is analyzed as: parā [means] "other" and that ākāṅkṣā [means] "requirement"; or parākāṅkṣā [means] requirement for something other than correspondence with reality - thus is the compound analyzed.