Double check the connections and that you have the correct colors plugged in correctly to the Panasonic and the DVD player. Also, when you press the component button on the remote, make sure that you press it enough times to go to the correct component video input on your projector. Since (I believe) there are 2 component connections, if you just press the button once, it may go to component 2 input, when you need it on component 1.
There is nothing I see on the DVD player, looking at the manual, that indicates that there should be any issue. Also, make sure the component video cables you are using are solidly pushed all the way into the player and the projector all the way.
If you still have issues, please try to take a photo of the two connections you have in place and post them... if you can. This is definitely a bit weird.