Paprika's nutritional value can vary greatly since it can be made from any number of peppers from the Capsicum annuum family (which is broad, covering everything from mild bell peppers to spicy habanero). Generally, paprika is mild in taste and used more for its coloring. This coloring - the natural red pigments from the peppers - contain caretenoids such as beta-carotene, zeaxanthin, lutein, and beta-cryptoxanthin, all of which have been link to supporting eye health. There are small amounts of vitamin E, B-6, and iron. The capsaicin, which is what gives pepper their heat, has been studied for possibly having positive effects on cholesterol (1) and the treatment of itches and pain (2).
USDA Database for the Oxygen Radical Absorbance Capacity (ORAC) of Selected Foods, Release 2 - Prepared by Nutrient Data Laboratory, Beltsville Human Nutrition Research Center (BHNRC), Agricultural Research Service (ARS), U.S. Department of Agriculture (USDA) - May 2010