Consider these -
A burning house. A burned house.
A sinking ship. A sunken ship.
A stopping car. A stopped car.
These are participial adjectives and they're not necessarily related to the tense: interested/interesting, surprised/surprising.
As adjectives, both "panicked" and "panicking" can be used to describe someone in a panic. However, only "panicked" can be used to describe something that was done in a panic.
a panicked boy CORRECT
a panicking boy CORRECT
a panicked response CORRECT
a panicking response INCORRECT
Panicked- the state is in the past and it is over now
Panicking - the state is still ongoing/happening now
There is very little difference. If I point out a stressed student she will have experienced a stressed situation and will be continuing to feel the effects of that stress. If I point out a student stressing she also is stressed.