Paraphrase, n.
Etymology: [L. paraphrasis, Gr. paraphrase. See Para-, and Phrase.]
A restatement of a text, passage, or work, expressing the meaning of the original in another form, generally for the sake of its clearer and fuller exposition; a setting forth the signification of a text in other and ampler terms; a free translation or rendering; -- opposed to metaphrase. In paraphrase, or translation with latitude, the author's words are not so strictly followed as his sense. Dryden. Excellent paraphrases of the Psalms of David. I. Disraeli. His sermons a living paraphrase upon his practice. Sowth. The Targums are also called the Chaldaic or Aramaic Paraphrases. Shipley.
2 other Webster entries under this spelling
Paraphrase, v. t. [imp. & p. p. Paraphrased; p. pr. & vb. n. Paraphrasing.]
To express, interpret, or translate with latitude; to give the meaning of a passage in other language. We are put to construe and paraphrase our own words. Bp. Stillingfleet.
Paraphrase, v. i.
To make a paraphrase.
Shades of meaning
Fernald has no entry of its own for paraphrase; he lists it under quote.
Where he writes about it:
To paraphrase is to state an author's thought more freely than in indirect quotation, keeping the substance of thought and the order of statement, but changing the language, and commonly interweaving more or less explanatory matter as if part of the original writing. — from quote
One may paraphrase a work with worthy motive for homiletic, devotional, or other purposes (as in the metrical versions of the Psalms), or he may plagiarize atrociously in the form of paraphrase, appropriating all that is valuable in another's thought, with the hope of escaping detection by change of phrase. — from quote