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Paisaje vs. panorama

While both paisaje and panorama can be translated as landscape or scenery in English, they are used in different contexts. The word paisaje focuses on the aesthetic, natural, or physical characteristics of an area of land, as well as its artistic representation. On the other hand, the word panorama emphasizes a wide, unbroken, sweeping view of an area from a distance or height, and is also frequently used metaphorically to describe a general overview or outlook of a situation.

Paisaje

The word paisaje refers to the visible, physical features of an area of land, often focusing on its natural beauty, terrain, or how it is represented in art and photography.
El pintor paso horas capturando el hermoso paisaje en su lienzo.
(The painter spent hours capturing the beautiful landscape on his canvas.)
Disfrutamos de un paisaje nevado durante nuestras vacaciones en la montaña.
(We enjoyed a snowy scenery during our mountain vacation.)
La construccion de la carretera arruino el paisaje natural de la region.
(The highway construction ruined the natural landscape of the region.)
El paisaje urbano esta lleno de rascacielos y calles concurridas.
(The urban landscape is full of skyscrapers and busy streets.)
Me encanta relajarme mirando el paisaje desde la ventana del tren.
(I love relaxing while looking at the scenery from the train window.)
Ese fotografo es famoso por sus impresionantes fotos de paisaje.
(That photographer is famous for his stunning landscape photos.)

Panorama

The word panorama refers to a wide, comprehensive, and unbroken view of an entire surrounding area, or metaphorically, to a broad overview, prospect, or outlook regarding a specific situation.
Desde la cima de la colina pudimos admirar el panorama de toda la ciudad.
(From the top of the hill we could admire the panorama of the entire city.)
El panorama economico para el proximo año no parece muy prometedor.
(The economic outlook for next year does not look very promising.)
El guia nos llevo a un mirador con un panorama espectacular del oceano.
(The guide took us to a viewpoint with a spectacular sweeping view of the ocean.)
Antes de tomar una decision necesitamos entender el panorama completo del proyecto.
(Before making a decision we need to understand the complete overview of the project.)
La habitacion del hotel ofrecia un panorama despejado de las montañas.
(The hotel room offered an unobstructed wide view of the mountains.)
El director presento un panorama sombrio sobre el futuro de la empresa.
(The director presented a bleak picture regarding the future of the company.)

Summary

In short, choose paisaje when you want to describe the physical features or artistic beauty of a specific scenery, whether natural or urban. Choose panorama when you want to emphasize a wide, expansive view taken in from a vantage point, or when you need to describe the overall landscape of a metaphorical situation or event.