fairyland vs imaginary place

fairyland and imaginary place both are nouns.

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

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

fairyland: 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 fairyland include fictitious place, mythical place.

fairyland (noun)	imaginary place (noun)
something existing solely in the imagination (but often mistaken for reality)	a place that exists only in imagination; a place said to exist in fictional or religious writings
the enchanted realm of fairies