Baranetskyi was born in 1913 in Zalishchyky. He studied at the teacher's seminary, was an active member of Prosvita, and directed choirs in Zalishchyky, including the gymnasium, and in the surrounding villages.
In 1939 he moved to the village of Horlytsia near Krakow, where he worked as a teacher. He paid considerable attention to public work, directed choirs, and recorded Lemko songs.
In 1941, he published a collection of Lemko songs for mixed choirs.
In 1945 he moved to Germany, then Austria, and later to the United States. In 1949 he married Olha Korin.
Yaroslav Baranetsky died in 1980 in Philadelphia (USA). He was buried in an Orthodox cemetery.