The Panda Waterfalls is the one falling from Panda Lake in Jiuzhaigou Valley (九寨沟).
We had only one day in the park - where one could easily spend weeks - and we wanted to visit both valleys accessible. Unfortunately we were in a bit of a hurry by the we reached the Panda Lake since the last buses were about to leave and we would have been looking at a ~20km walk back to the entrance in case we miss them.
If you plan to visit this place, plan at least 2 days for it, but even that is extremely brief.
(Oh, by the way: this entry was written by Peter Molnar, and originally posted on petermolnar dot net.)