Party Dispel is a skill in the Heavenly Light skill tree of the Mage class.

Skill Description: Dispel the abnormal status casted over all members of party, and offers immune to abnormal status in magic for 4 seconds. This skill an be used only when you're in a party.
Required job: First Job
Required skill(s): Dispel
Required points: 20 points in Heavenly Light
Skill type: Support Skill
Attribute: Light
Cool time: 8 seconds
MP Usage: 8 MP
Target: All Party Members

More useful than dispel, but the fact it actually requires 2 skill points to obtain suggests it's not worth getting.