The control panel is one of many parts you can attach onto your ship. Except this one is a tad bit more useful than some other ones, as suggested by the name. It controls your entire spacecraft.
Purpose[]
The control panel's purpose is to well, be a part of your ship. If you click on the control panel, a big UI pops up with different controls. You can speed your rocket up and slow it down. Keys like W, A, S, and D direct your ship correlating to the key you pressed. For example, W moves your ship down. The directions that the ship moves in is affected by the ship’s tilt.
Appearance[]
The control panel consists of a blue seat that was a mesh used for a racing car seat. The other part is presumably a submarine control panel. It used to be a separate part.