I've had a hard time trying to figure this out also. But, the conclusion I have come to is that the physical symptoms are normal and are always going on. The panic comes from the way we react to our normal bodily functions. For instance, last night while trying to get to sleep, my heart kept beating faster than normal. This is one of the physical symptoms that go along with panic. I kept telling myself my heart was beating fast because it was so hot and uncomfortable and because when you go to bed, your heart rate and your blood pressure rises naturally. Surprisingly, I was able to stay calm. So, even though this was a typical physical symptom of panic, I was able to stay calm through it and did not panic.
So, to answer your question, panic is the emotion, not just the physical. Does that answer your question? Congratulations on being able to get through the physical without the panic - that is very good progress!! Probably one of the hardest things for us to get through.