Much attention has been placed on the design of digital filter banks with pairwise mirror-image symmetry in the frequency domain because such filter bank structure requires fewer multipliers and less time to design than most other structures. Furthermore, the designed subband filters have better attenuation in most cases. In this paper, the polyphase matrix of linear phase paraunitary filter banks with an odd number of channels and pairwise mirror-image symmetry frequency responses are completely characterized and parameterized by a lattice structure. The parameterization is shown to be complete and minimal. Design examples are presented.