Eh..not quite right. I mean, if you're panicking, then you've totally lost control of yourself and just have to wait for it to pass, but if you can get into a panic, then you can pull yourself out of it, right? It doesn't sound serious enough and it's possibly a bit too formal, depending on the eventual context. And then I remembered the phrase "in a swivet," which isn't what I was looking for at all but makes up for it by being so fun to say.
A swivet is a flustered state; to be in a swivet is to lose your composure. During half an hour of research, I found only one instance of a swivet arising from a pleasant emotional state, so while being in a swivet CAN be a good thing, it is probably necessary to make this clear. Otherwise people will assume the swivet resulted from frustration, embarrassment, etc.
The Online Etymology Dictionary doesn't have a hell of a lot to say about it, and my slang dictionary has even less, but apparently "swivet" has been around since at least 1892 and comes from a dialect spoken in the United States.