At the age of 15, Panova won her first gold medal at the 1985 World Championships in ribbon. Between 1985 and 1989, she won nine golds, two silvers, and one bronze at the World Championships, including a sweep of all five golds at the 1987 Worlds Championships. Panova competed at the 1988 Seoul Olympics as the reigning World champion. She made a mistake in the preliminary round, dropping a club. She finished in fourth place behind gold medalist Marina Lobatch (USSR), Bulgarian teammate Adriana Dunavska who took the silver medal, and Olexandra Tymoshenko (USSR).