Panorama Rock is the obvious, 50-foot-tall, rock formation across the road to the west from the Panorama Point parking area. This is about a mile past the small bridge that marks the start of the Flagstaff Road ascent. The north side of the rock has some popular top-ropes. The south side has some bouldering right next to the Panorama Point trail.
Park at Panorama Point and hike a short distance up the trail to the west. Or park in the small parking area on the other side of the hairpin curve and walk about 50 meters south.