The Patient-Centered Outcomes Research Institute (PCORI) reviews research applications using a process that includes preliminary review by primary reviewers, followed by panel discussion where primary reviewers and other reviewers on the panel (panelists) discuss and score the most competitive applications. PCORI switched from in-person to virtual panel discussions during the COVID-19 pandemic. This study compared reviewers’ scores and perceptions of panel interactions for virtual and in-person review panels and assessed reviewers’ perspectives about virtual panels. Overall, this study suggests that virtual and in-person review panels were largely comparable on reviewer scores and some key aspects of reviewer experiences in a multi-stakeholder review process. Despite having some challenges, virtual review processes may be a viable approach for funders during times of necessity and beyond. Practical considerations and recommendations for virtual panels are discussed.