The DSM-IV-TR uses the term panic attack to describe the hallmark features associated with panic disorder. The term anxiety attack, on the other hand, is not defined in the DSM-IV-TR. But, the terms anxiety attack and panic attack are often used interchangeably to mean the same thing. In this sense, the difference is purely a matter of semantics.
But from a clinical perspective, panic and anxiety are often defined by different features. These differences are best described in terms of the intensity of the symptoms and length of time the predominant symptoms occur. During a panic attack, the symptoms are sudden, extremely intense and short lived. Anxiety, on the other hand, generally intensifies over a period of time, and the symptoms may be chronic and long-lasting. The do, however, usually influence each other -- excessive anxiety may lead to some forms of panic attacks, and panic may cause excessive anxiety.

