Sorted out the issue looking into it a little bit further - seems I just need to set my position as a factor between 0.0f and 1.0f, where position in my sample code below is where I want the viewport to be positioned:
sf::FloatRect panelRect(position.left / SCREENWIDTH,
(position.top) / SCREENHEIGHT,
(position.width) / SCREENWIDTH,
(position.height) / SCREENHEIGHT);
panelView.reset(sf::FloatRect(position.left,position.top,position.width,position.height));
panelView.setViewport(panelRect);