Cuba defeated Venezuela 3-0.
The Panamanians are playing in their first final since 1960, when they lost to Cuba. Panama has one Caribbean Series title, won in 1950.
Panama was a late host for the tournament after it was moved from Venezuela for security concerns.
Oriel Caicedo, who previously pitched in Atlanta's minor league system, pitched 5 1/3 innings of three-hit ball for Panama. Corpas, who had 19 saves for Colorado in 2007, worked the ninth.
Cuba won the Caribbean Series in 2015 and has lost in the semifinals the last three years.