Piratecat
Sesquipedalian
Well, no. Not in my campaign. We aren't talking about game mechanics here, we're talking about flavor text, and at least for me there's a vast gulf between the two. I'd be careful stating unilaterally that they're identical.However, pyschic ability is 100% equivalent to magic.
I keep a distinct and fundamental difference between magic, which typically requires spells to affect the magical weave, and psionics, where the magical weave is affected directly by someone's mind. There are societal, legal and superstition differences between the two.
Another vote for psiocracy, incidentally.