Intense, disorganized recollections are one of the core symptoms of posttraumatic stress disorder (PTSD), and considered to be the result of inadequate processing of trauma information. A first panic attack resembles trauma in being an unexpected frightening and subjectively life-threatening event, and like PTSD, panic disorder with agoraphobia also involves fear conditioning after the first event. Therefore, a panic attack may be processed similarly to a trauma, and as a result, memories of a panic attack may share characteristics like reliving and disorganization with PTSD trauma memories. To test this hypothesis, scripts of PTSD trauma memories (n = 21) were compared with scripts of panic disorder with agoraphobia panic memories (n = 25) using a narrative rating scale. No differences were found between reliving intensity and disorganization levels in the scripts of both patient groups. The results suggest a panic attack may affect information processing similarly to a traumatic event.