We derive from first principles third post-Newtonian (3PN) accurate Keplerian-type parametric solution to describe PN-accurate dynamics of non-spinning compact binaries in hyperbolic orbits. Orbital elements and functions of the parametric solution are obtained in terms of the conserved orbital energy and angular momentum in both Arnowitt-Deser-Misner type and modified harmonic coordinates. Elegant checks are provided that include a modified analytic continuation prescription to obtain our independent hyperbolic parametric solution from its eccentric version. A prescription to model gravitational wave polarization states for hyperbolic compact binaries experiencing 3.5PN-accurate orbital motion is presented that employs our 3PN-accurate parametric solution.