Composite panels, by virtue of their outstanding mechanical properties, have found various applications in different sectors like aerospace and transportation. Under certain assumptions like Kirchhoff–Love and Mead–Markus hypotheses, certain high-order differential equations can be used for vibroacoustic modeling of composite panels. However, for accurate modeling, updating parameters is an essential stage. Herein, we aim to theoretically and experimentally review this stage. For this purpose, a hybrid updating method is proposed, incorporating hierarchical functions, inhomogeneous wave correlation approach, and least squares optimizations. Then various laboratory measurements, including Laser Doppler Vibrometry measurements as well as sound pressure levels, are analyzed. The measurements were performed for a thick composite (sandwich) panel, and a thin composite (laminate) one, along with two isotropic (steel and aluminum) plates for additional validation. The experiments indicate the ability of the hybrid approach to adjust parameters and precisely model vibroacoustic behaviors of the panels. Furthermore, the proposed hybrid method can be used in studies whose goal is accurate vibroacoustic modeling for psychoacoustic issues and perceptual validations, which is also one of the future targets of this research.