I'm aware of two possibly different things that are commonly called target panic.
The first is where the shot goes off before the archer reaches full draw, without any anxiety or nervousness associated with it. This is a purely subconscious phenomenon, caused by the subconscious mind short-cutting the shot sequence. Since there is no conscious thought associated with this problem, I don't see how an increased awareness of target panic could bring this on.
The second is where there is an increasing feeling of anxiety or nervousness as the bow is drawn. The archer may feel a loss of physical strength or a disconnect between mind and body while drawing the bow, even though these things don't happen when he draws the bow knowing that a shot is not going to be fired. This problem is caused by conscious thoughts interfering with the shot, such as doubt or a fear of missing. The fact that these fears aren't rational doesn't mean that they aren't real, anymore than a person's depression isn't real even though it is not directly associated with any particular thing that might be going on in their life. Since this problem was brought on by conscious thoughts, I can see how it might possibly be triggered by thoughts of target panic.