A panel interview is a performance, similar to giving a presentation—the same guidelines apply. Think of yourself in the role of an expert being asked for advice.

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[edit] Steps

Address the people interviewing you as if they are your clients or customers.
Pretend that you are the expert addressing a group, and that the people questioning you want your advice and have no power over you.
Keep your mind from wandering as you pay full attention to the questions asked of you.
Give positive examples of your experience when asked.
If asked about your weaknesses, offer a response that has a positive influence on your work, such as, "I am meticulous about details so I sometimes work on my own time to make sure I provide excellent quality and meet deadlines—my life partner thinks I work too much, but my customers and managers appreciate that my projects require no rework and I feel accomplished and energized by it." Then stop talking.
Breathe deeply and regularly during the interview, allowing your abdomen to expand as you inhale while your shoulders remain level.
Maintain a tall posture with shoulders back.
If you are seated, fold your hands across your lap and place your feet flat on the floor.
Be still—avoid jittery or repetitive movements.
Relax during silence—speak briefly only after you are asked for information then stop talking and wait.

[edit] Tips

Dress comfortably in loosely-fitting clothing appropriate for your job.
Wear comfortable shoes and make sure they are clean and in good condition.
Smile

[edit] Warnings

You may be asked the same question more than once in different words to see if you'll give a different answer. Preface your response with, "As I said earlier…" and repeat your answer from the last time you were asked this question.