"panel consists of" is correct and usable in written English.
You can use it when you are talking about a group of people or things that make up a body or committee. Example: The panel consists of five experts in the field of environmental sustainability.
The panel consists of seven professionals and three "punter judges", comedy fans who represent the public.
The panel consists of two police sergeants and two senior support service managers from Surrey county council's youth support service.
The arbitration panel consists of three members, but Das will decide the appeal because he is the only impartial member.
The panel consists of potential respondents who have been recruited through online, telephone, mail and in-person approaches.
"The panel consists of the sport editors of the nationals, selected regionals and magazines," said a BBC spokesperson.
The judging panel consists of three English teachers who promote the contest schoolwide and encourage their own students to enter.
And while Q&A shines when its panel consists of intellectuals, it's much more often a depressing exercise in federal party politicking.
Each panel consists of three members—usually a lawyer or a judge, a doctor, and a psychologist or a social worker.
The panel consists of 15 women and three men, and is co-chaired by Costa Rica's president, Luis Guillermo Solís, and the CEO of Ikea Switzerland, Simona Scarpaleggia.
The judging panel consists of experts from the food and drink industry, including Michelin-starred chefs, restaurateurs, and food and drink writers.
The panel consists of a brain trust of conservative lawyers, most of whom are veterans of the George W. Bush administration.
