From the context, is it clear that it's an activity for the pupils?
I ask, because I've seen schools that use "Paper Parade" as a name for the annual registration process (a sly reference to the level of bureaucracy/paperwork involved). I guess it's their way of trying to make it sound less grueling, while also making light of the feeling you get of being on a production line when having to fill in all the papers.
There is a good explanation of it here, in this letter from the Principal to parents:
http://groups.dcn.org/sipat/back-to-school-information/2010 ...