According to Dictionary.com, the definition of baronetage is a collective of baronets or the rank of baronet itself. A baronet is a commoner who has been elevated to the British hereditary order of honor at a rank below baron. A baronet is distinguished by the title of Sir.
While the title of baronet refers to a male member of the lowest rank of the British order of honor, the title of baronetess refers to a female of the same rank. This rank is the only hereditary honor that is not a peerage, and although male and female baronets are called Sir and Dame respectively, they still rank higher than those who hold knighthoods or damehoods.