Well for the direct approach, Panorama has several internal presets for hardware synths and you can route the MIDI from Cubase out of the external MIDI jack - allowing you to record the CC messages that control your hardware synth.
I have to say I am unclear as to whether the Panorama will see a hardware synth device panel on an instrument track - I don’t think it will. The SDK allows us to see an ‘instrument’ so it is dependent on what Cubase interprets that to mean. ;0) I will look into this.
However, Panorama also can also access the 8 Quick Controls - which you can link to pretty much any parameter on the selected track. In this case you will see the name of the quick control in the display.
Regards,
Tim