Profile2 and Panels in Drupal 7
There is a work around using Page Manager Existing Pages (as suggested by Letharion) and hook_menu().

hook_menu() was required as Profile2 doesn't seem to register profile pages with the menu router. This was preventing Page Manager Existing Pages from being able to intercept the page.

function MYMODULE_menu() {
    $items['profile-example'] = array(
        'page callback' =&gt; '_profile2_form',
        'page arguments' =&gt; array(),
        'access callback' =&gt; TRUE,
        'type' =&gt; MENU_CALLBACK,
    );
    return $items;
}

function _profile2_form() {
    global $user;
    module_load_include('inc', 'profile2_page', 'profile2_page');
    $profile2 = profile2_by_uid_load($user-&gt;uid, 'profile2_profile_system_name_goes_here');
    $entity_form = entity_ui_get_form('profile2', $profile2, 'edit');
    return $entity_form;    
}


This can now be intercepted by Page Manager Existing Pages and properly displayed by the Panels module.