It will also assess whether relatives of the victims deserve compensation.
Officially 514 Panamanian soldiers and civilians were killed but some local groups say the real number is closer to 1,000.
Twenty-three US military personnel died.
"Panama is seeking to heal its wounds," said the country`s vice president and foreign minister, Isabel de Saint Malo.
"There can be no reconciliation if the truth is not known," she added.
The 83-year-old Manuel Noriega is now in prison in Panama, for ordering the disappearance of dissidents during his 1983-1989 rule.
He has already served sentences in the US and France.
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