The Collaborative International Dictionary of English v.0.48:

Panegyric \Pan`e*gyr"ic\, n. [L. panegyricus, Gr. panhgyrico`s:
   cf. F. pan['e]gyrique. See Panegyric, a.]
   An oration or eulogy in praise of some person or achievement;
   a formal or elaborate encomium; a laudatory discourse;
   laudation. See Synonym of Eulogy.
   [1913 Webster] Panegyric

The Collaborative International Dictionary of English v.0.48:

Panegyric \Pan`e*gyr"ic\, Panegyrical \Pan`e*gyr"ic*al\, a. [L.
   panegyricus, Gr. panhgyrico`s, from panh`gyris an assembly of
   the people, a high festival; pa^, pa^n all + 'a`gyris,
   'agora`, an assembly.]
   Containing praise or eulogy; encomiastic; laudatory.
   "Panegyric strains." --Pope. -- Pan`e*gyr"ic*al*ly, adv.
   [1913 Webster]

         Some of his odes are panegyrical.        --Dryden.
   [1913 Webster]

WordNet (r) 3.0 (2006):

panegyric
    adj 1: formally expressing praise [syn: encomiastic,
           eulogistic, panegyric, panegyrical]
    n 1: a formal expression of praise [syn: encomium, eulogy,
         panegyric, paean, pean]