Aim: The present study investigated the differences between the Panic Disorder (PD) patients groups’ and healthy controls for the EEG alpha dynamics under the frontal cortex and reaction time during the oddball task. Material and Methods: The reaction time during the oddball paradigm concomitant to EEG alpha power was tested in nine PD patients and ten healthy controls before and after a computer simulation presentation. Results: The findings revealed a decrease in EEG alpha power in PD patients concerning the control group (p ≤ 0.0125). However, both groups demonstrated an increased cortical oscillation after the computer simulation, except for the Fp1 electrode during M3 moment in the experimental group. The experimental group has a fast reaction time compared to healthy individuals during the oddball task (p = 0.002). Conclusions: We propose that the decrease in EEG alpha power in the PD patients may indicate an increase in processing related to an anxiogenic stimulus and interference of the anxiety state that compromises the inhibitory control. The reaction time task reveals cognitive symptoms in the experimental group, which may be related to the faster reactivity and high impulsivity to stimuli.