faerie vs imaginary place

faerie and imaginary place both are nouns.

Word	Noun	Adjective	Verb	Adverb
faerie	Yes	No	No	No
imaginary place	Yes	No	No	No

As nouns, imaginary place is a hypernym of faerie; that is, imaginary place is a word with a broader meaning than faerie:

faerie: the enchanted realm of fairies
imaginary place: a place that exists only in imagination; a place said to exist in fictional or religious writings

Other hypernyms of faerie include fictitious place, mythical place.

faerie (noun)	imaginary place (noun)
the enchanted realm of fairies	a place that exists only in imagination; a place said to exist in fictional or religious writings
a small being, human in form, playful and having magical powers