This work provides a first report on a detailed investigation on the interaction between structural response of supersonic/hypersonic air vehicle panels and the shock they support in the presence of an impinging strong acoustic excitation. The physical model adopted here is of a flat, deformable panel of a wedge-shaped body in a two-dimensional supersonic/hypersonic flow with attached shock. The present effort utilizes a linearized, perturbed Euler, aerodynamics with both linear and nonlinear reduced order models of the panel response. Two broad problems are particularly considered that correspond to the system (aerodynamics and panel) being either self excited or subjected to the acoustic excitation. Accordingly, the present formulation permits the estimation of the panel flutter and its post flutter behavior both with and without the acoustic excitation.