Craig - your question is one with, literally, hundreds of answers. I very much doubt any of the answers will lead to Amelia and Fred.
"Panel marker" is primarily a military/government term, in the military being applied to any number of bright/high contrast colored "panels" of fabric or a similar material, in a variety of shapes, but generally square or rectangular. As far as I know, the term did not come into general use until well into WWII, when large airborne and sea landings by the Allies started taking place. Panel markers were frequently color and/or shape specific to a particular operation, i.e. D-Day, or for a specific function, i.e., in the liferafts of aircraft.
The primary use was to either identify friendly forces on the ground to their (usually) friendly air component, to avoided getting the crap bombed or strafed out of them; or to attract the attention of search aircraft, as in from a liferaft in the ocean. Other examples of "marker panels" would be the national flag affixed to the horizontal surface of a vehicle, again to avoid getting attacked by your own aircraft.
Again, as far as I know, the term did not even come into use until well into WWII. "Panel markers" as such were not listed on the Electra's Luke Field inventory following that crash, although I suppose Amelia and Fred could have used panels from their parachutes to lay out ground signals at Niku, if they had thought to do that. That kind of closed-loop speculation seldom leads anywhere except back to where you started.
LTM,
Monty Fowler, TIGHAR No. 2189n E