They're Paper Wasps. You can get relatively close and they will watch you carefully and not do anything. But there is an invisible line which if you cross they'll attack. They've a very painful sting and although I don't show any reaction to them (apart from running around in circles, jumping up and down, along with many "expletive deleteds") I can't say that no one is allergic to them. Up high they shouldn't be a problem, and they will go away eventually, their nests aren't permanent. But if you're into drastic measures, one effective way to definitely get rid of them is to spotlight them at night. You can locate the nest in the torchlight, aim an insect spray at them, turn off the light and spray hard. Then you need to move away. They can't fly in the dark but if they stumble on anything they'll sting the hell out of it. I'd only take the drastic action if there's a big danger of people inadvertently coming too close or bumping it.

Thank you so much for your response. I was worried mostly for my dogs who frequent the area beneath where the nest is, but it is up high so I think I will leave it alone.