A girl V can dream, but there’s a line Panam won’t cross...
Panam can become sweet sister to Valerie. But her heart belongs to Vincent
Fun fact, Panam is technically bisexual. You can romance her as female V without using any mods at all, all you need is a male body type (this is also true for male V with a female body type romancing River). All the characters will still adress you as a woman in dialogue and texts, even dialogue and texts that are specific to Panam's romance, which means it was deliberately planned by CDPR and not a result of glitches (like the mod that allows Male V to romance Judy or female V to romance Kerry).
Another fun fact, if you play on PC and use a save editor to switch to a female body type after you've done the romance with Panam using a male body type, you will still be able to call her on the roof and get romance-specific ending content despite now using the female body type, which means only the quests between Ghost Town and Queen of the Highway check for V's body type when determining if Panam's romance content is available or not.