A panhard bar is not a sway bar, and neither is a track bar. They’re three very different components with three very different functions.
A panhard bar runs laterally across the axle with articulating joints on each end and controls relative lateral movements between the axle assembly and the chassis. It moves freely in the vertical axis (but not without a bit of arc that needs to be considered on installation). It does not control body roll or vertical or longitudinal movement of the axle in any manner whatsoever.
A sway bar, actually an antiswy bar, runs laterally across the vehicle and is also connected to the ends of the axle and to the chassis, but does not control lateral movement, only differences in lean between the body and the wheels by acting as a torsion bar. It moves freely in the lateral axis and the vertical axis by virtue of the end links. It’s sole function is to control roll.
A track bar runs longitudinally and is hard-connected to the axle and the chassis, with pivoting joints at the chassis end. It allows free vertical movement of the axle, performs little function in controlling lateral movement of the axle, and has no roll-controlling function. Its sole function is to control rotational movement of the axle during acceleration, keeping the universal joints, the total drivetrain assembly length, the perpendicularity of the axle to the chassis, and the angle of the pinion shaft relative to the driveshaft in control.
By the way, I’d suggest getting rid of those Teraflex Lift Kit parts and replacing them with aftermarket OEM replacements. Clearly when the previous owner lifted the vehicle, he screwed up all the angles. This often happens with suspension lifts. Angles of articulation of the U-joints become greater increasing the peak-to-peak of the U-joint torque ripple, panhard bars move to a different part of their travel arc, placing lateral loads on the suspension components, sway bars move to a point where they’re no longer moving the link joints in a coordinated manner with the axle’s vertical movement (the sway bar needs to operate in its own axis like a torsion bar, and moving the axle to a spot where that no longer happens, a spot where movement is accommodated by longitudinal movement of the end link joint can mess up the works), and so on. The result is premature wear and occasionally worse.