You can Google the answer to that.

Panda is a refresh of Google Algorithm with minor updates and Penguin Update is a major Algorithm Update with removing sites with spam backlinks and paid links from Search results.

In simple words :
Panda - Checks for on page factors like uniqueness, on page over optimization, stuffing,etc.

Penguin - Checks off page factors like anchor text and anchor text over optimization.

Both these filters are refreshed almost every 30 days.

What about practical experience?

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The Panda And Penguin Both Are The Update Indicator In Algorithm. The Panda Update Is About Minor Changes In Content, And The Other Hand The Penguin Update Shows The Major Affects Including Off Page SEO Techniques Too.

Panda algorithm used to improving the search quires as quality that's link spam ,duplicate contents, those websites penalized by google . Penguin is one of best algorithm for google , avoid over optimizations.

Hundreds of Pages Required to Explain .... Try to focus on other things..