Depends on the setting.
Personally, I prefer magic (read: spellcasting) and psionics to each be distinct ways of approaching the
supernatural, which includes a hell of a lot more than JUST "magic." I like these different things to use different methods. E.g., I don't like spellcasting Paladins. If the system is going to use Vancian spellcasting, I would prefer that Paladins approach the supernatural in a different way. Auras are part of that, but for temporary/instantaneous effects, I would use something like Litanies (I also like the term "Rituals," but that's already claimed by something else): supernatural prayer-recitations which provide various effects. Likewise, I love things like having rune-word systems, which provide a different path to supernatural power.
Psionics, under this lens, would need to differentiate itself from magic in some key way. Sadly, the way D&D magic is done...it's already very pseudo-scientific, so a lot of the typically-available paths are closed off. Most likely what you would need to do is build up some fictitious physical theory, and then use the laws/rules of
that to create a consistent framework on which psionics can be built. One possible option could be that psionic energy is never created nor destroyed, but oscillates between "poles" or "states" or the like, thus forcing the psionicist to marshal their resources carefully and "go with the flow" or risk problems/feedback/consequences.
So, for example, neutrinos oscillate through three flavors as they travel through space: electron, muon, and tauon (named for the "normal" particle they associate with.) Perhaps, then, when you spend psi points, they become "mu" points, and then "tau" points (or something equivalent, if you want more "interesting" greek letters.) Psi points might always power something creative or productive, while mu points might power something sustaining or repairing, and tau points something destructive. This opens up room to do interesting things like reversing the cycle, exploiting "feedback" caused by repeatedly using abilities from the same part of the cycle, or otherwise toying with the pseudo-physics behind the mechanic.