Sharapova saved two match points to come from behind and defeat world number 150 Panova.
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Sharapova destroyed Panova in the opening stanza, racing away to a 6-1 first set win.
However the world number 150 turned the game on its head after breaking Sharapova and looked likely to claim the second set after running out to a 3-1 lead.
Clearly nervous, Panova looked as though she was going to lose control of the second set before holding on to her final two service games to claim the set.
Incredibly, Panova raced away to a 4-1 lead in the final set, however Sharapova pulled a break back to make it 5-3.
Panova served for the match, but saw her opponent save two match points.
It seemed to spark Sharapova into life, with the world number two claiming the next three games straight to book a place in the third round.