The specific epithet psycodes is a misspelling of psychodes, which means "butterfly-like", probably alluding to the shape of the flowers.

Preferring cooler habitats, its range is being pushed northwards as global temperatures warm.

It is often confused with its relative, Platanthera grandiflora, which generally has larger flowers (lip or labellum 10 to 25 millimetres (1⁄3 to 1 in) long),[4] and has a circular nectary opening, compared to P. psycodes which has smaller flowers (the labellum measuring from 5 to 13 millimetres (1⁄4 to 1⁄2 in) long) and an oblong or almost rectangular opening.

The most important characteristic separating the two species is the shape of the column and relative placement of the pollinia on the pollinators.

[5] P. grandiflora has a much more restricted range and where the two species do overlap in range, they are phenotypically separated, with P. grandiflora typically blooming from late June through early July while P. psycodes blooms from late July through early August.