Alice Panikian was born in Sofia, Bulgaria. She came to Canada with her parents when she was five years old.

Panikian is a professional model and has travelled to Paris, Milan and New York. She aspires to become a broadcast journalist or a TV show host, and to that end is currently studying English and Communications at York University.

Panikian was crowned Miss Universe Canada on March 21, 2006, and also took the Miss Photogenic and Best in Swimsuit awards as the judges rated the young women on poise, confidence, intelligence, physical fitness, and beauty as they modelled in swimsuits and evening gowns and made impromptu speeches. Panikian had previously represented Canada at the 2006 Reinado del Café or International Queen of Coffee pageant, held in Colombia, where she became the first winner.