The add_, update_ and get_ option functions are used for "configuration" values for plugins.
The options for add_option are:
add_option($name, $value, $description, $autoload);
$name = name of the option
$value = the value you want set
$description = a description of this optioin
$autoload = autoload this setting
If autoload is set (default yes) then the setting is automatically retrieved by the get_alloptions function.
You will want to add a page to either the 'options' or 'manage' section of the admin interface for your admin panel.
For these you would use add_options_page or add_management_page respectively.
Syntax:
add_options_page(page_title, menu_title, access_level, file, [function]);
or
add_management_page(page_title, menu_title, access_level, file, [function]);
e.g.
add_options_page('Test Options', 'Test Options', 8, __FILE__, 'functiontocall');
(note: __FILE__ can be used to mean "this current plugin file" handles the display of options. The 'functiontocall' is called to display/save/set etc the options.)
There is more good info, as usual, in the codex.. http://codex.wordpress.org/Adding_Administration_Menus