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Here is an example that I use for my custom tooltips utilizing toolTip Manager. I'm certain you can use some kind of inheritance if you have a lot of these since the code is a bit cumbersome.
private function createBigTip(event:Event):void
var s:String = "1. Order enters COMIT from the CTS Web Center\n\n2. Assigned Staff queries COMIT Tracking for unassigned\n orders and assigns orders to an Order Writer\n\n(CLICK MILESTONE for more options)"
owms1Tip = ToolTipManager.createToolTip(s, 110, 110,
null, IUIComponent(event.currentTarget)) as ToolTip;
private function destroyBigTip():void
Sorry, I realize this is not a panel. For a panel you might be able to use the PopUpManager. Here is one of my example using titleWindow.
In this case I'm using the TitleWindow, so I hope the Panel will also work, but not sure. The text/links and images and close handler are actually inside my titleWindow. I presume you could use the mouseOver instead of click. Hope this was helpful.
// Custom PopUp:ow1 //
private var popup:ow1PopUp = new ow1PopUp();
Bindable] public var popUpTitle:String = "EBS New: Order Writer - Queue";
protected function ow1_clickHandler(event:MouseEvent):void