With 17:05 remaining, Pittsburgh’s Brock McGinn was called for holding on K’Andre Miller after losing the puck to the defenceman.
As time wound down on the man advantage, Panarin got a cross-ice pass from defenceman Adam Fox and lifted a wrist shot from the upper part of the left circle past goalie Tristan Jarry’s glove.
Panarin’s second career overtime playoff goal sent the Rangers into the second round against the Carolina Hurricanes. The Rangers won the final three games after being down 3-1.
Mika Zibanejad scored the tying goal with 5:45 in regulation and won a faceoff from Teddy Blueger that ultimately led to Panarin’s game-winner.
New York’s Igor Shesterkin made 42 saves.
Evan Rodrigues scored a shorthanded goal and Jake Guentzel and Danton Heinen scored power-play goals for Pittsburgh, which got Sidney Crosby back from an upper body injury.