The following is the list of competitors participating at the Games by numbers: Panamanian athletes achieved the entry standards, either by qualifying time or by world ranking, in the following track and field events (up to a maximum of 3 athletes in each event):[2][3] Panama entered one female boxer into the Olympic tournament.

With the cancellation of the 2021 Pan American Qualification Tournament in Buenos Aires, Argentina, Rio 2016 Olympian Atheyna Bylon finished among the top three of the women's middleweight category to secure her place in the Panamanian squad based on the IOC's Boxing Task Force Rankings for the Americas.

[4] Panama entered one rider each to compete in the men's Olympic road race by finishing in the top two, not yet qualified, at the 2019 Pan American Championships in Mexico, marking the country's debut in the sport.

Representing Germany in two previous editions, Miryam Roper was selected among the top 18 judoka of the women's lightweight (57 kg) based on the IJF World Ranking List of June 28, 2021, while rookie Kristine Jiménez (women's half-heavyweight, 52 kg) accepted a continental berth from the Americas as the nation's top-ranked judoka outside of direct qualifying position.

[7] Panama received a universality invitation from FINA to send two top-ranked swimmers (one per gender) in their respective individual events to the Olympics, based on the FINA Points System and/or Olympic Selection Time (OST).