A synthetic ice panel system for use on a ground surface includes plurality of substantially flat panels that mutually interlock to form a rink, such as for ice skating. Each panel includes a top surface, a bottom surface adapted for resting on the ground surface, and a peripheral edge. The peripheral edge includes a plurality of interlocking tabs and recesses operative to mutually interlock with adjacent panels. Each panel is preferably made with a high-density polymer infused with a lubricant. As such, ice skates and the like are able to slide with relatively low friction on the top surface of the panel. Weather permitting; the panels may be inverted in some embodiments wherein the bottom surface of each panel includes a cooling channel containing a cooling tube through which a coolant flows to freeze water resting on the panel, thereby forming a layer of ice above the panel.