To dream of panties represents self-awareness about things you desire to have or that arouse your interest. Noticing yourself wanting something, desiring a outcome, or having sexual interest in someone. You may be aware of your longing for something you know you can't have or for a person that you are attracted to.
Alternatively panties can be a symbol for your attitude towards sex. A reflection of you how sexually interested you are in someone.
If you are a man then woman's panties can represent interest in a woman you have been thinking about sexually.
If you are a woman then panties may reflect how desirable or interesting you feel you are to others.
Blue panties represents positive feelings of desire. It may be a reflection of respect, love, or genuine concern for a person or goal.
Red panties represent negative, excessive, or imbalanced desire. You or someone else may be aware of someone else's desire and exploiting it for personal gain.
Pink panties represent lustful desires, wishes, or interests. Total preoccupation with "having" what you want. Negatively, it may reflect a lack of ability to actually have what you want.
Black panties represent imbalanced desires, wishes, or interests. Goals or objectives that are unbalanced, excessive, or immoral. A possible sign that your methods to achieve goals are totally out of line. Black panties are common symbols for people who watch porn or masturbate to people they aren't in relationships with.
Example: A man dreamed of looking into the underwear drawer of a girl he liked. In real life he had be sexually fantasizing about the girl. The panties reflected his self-awareness of his sexual interest for the girl.
*Please See Underwear