When naming different components in a layout what is considered a panel and what is a pane?
A pane is a section of a window. For a physical example, a paned window is a window that is divided into sections known as panes. Originally, the meaning pertained to sectioned glass windows in walls. (Wikipedia) It is a layer in the build-up of a GUI.
A panel is a flat, physical area, usually containing controls, receptacles, a display such as an LED or LCD screen, or allowing users to remove it for access to whatever lies behind it. A screen is, technically, a physical, displaying area of a panel. Panels may or may not have a visible border.
Thus, panes in MS Word application would include the title bar where it shows the names of file and of the application, a menu bar, a "ribbon" bar, the editing area, a status bar, and optional ruler bars. It's what you get, for example, if you drag the splitter bar in a Word window.
Microsoft uses "task pane" to designate an area sectioned off from the main area of an application and used for some function.
Check these examples:
The panel is the UI part of the VI. It can be divided into several panes which are simply different parts of the same panel, which can have seperate scrollbars, etc