If you are specifically looking only for a Panic, here’s a thought for a workaround.
If you’re on a *ix box you can detect one reasonably well with a script that greps the process’s log file for the string “PANIC: “. We do this with a korn shell script that runs outside the engine as a cron job. Our script sends an email and we’re just using standard eo settings – I suppose its possible to have settings so that the “panic: ” string will never get into the log file.
When you have a panic the exit_log file should also say something like “Engine Panic at blah blah blah”