The campaign, which kicks off this week, involves an online competition encouraging visitors to a Panasonic F1 microsite (www.panasonic-europe.com/racing) to build their own Panasonic Toyota Racing cars online.
Creative agency de-construct, which designed the site, also created the campaign slogan 'Performance-enhancing technology', which will appear on all pan-European advertising to promote the partnership.
Visitors to the microsite have to collect key parts of the car during the F1 season, which ends in mid-October, by completing six Shockwave-based online challenges. One of the biggest of these requires users to build their own team.
Players will be encouraged to send the challenges to friends and will be required to partner up to complete certain challenges. The main prize is a drive in an F1 car for the entrant who builds their car with the highest challenge scores.
Kevin Holloway, production director at de-construct, said: "The main objective of the site is to align the Panasonic product range with the lifestyle of F1 and the pursuit of perfection."
He added: "The campaign is a real opportunity to bring the creative proposition alive."