 Poinar and Buckley published their 2007 type description in "Mycological Research", a journal of the British Mycological Society.The genus has been assigned the MycoBank number "MB510456", and the species number "MB510465".The genus name "Palaeoagaracites" is Greek in derivation and is a combination of the words "palaeo" meaning "old" and "agaricon", which means "fungus".