I want to create a custom component in C# and the custom component is going to act as a gauge and consist of a panel with some icons inside it. Is there a way to create a custom panel component with all of these items inside it and then interact with it all as one component?
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It is called a Usercontrol (or composite control):
How to add and create a Usercontrol in Visual Studio 2008 (Says 2008, but everything should also apply to 2010)
Walkthrough: Authoring a Composite Control with Visual C#
See also: Walkthrough: Creating a Windows Forms User Control that Supports Lookup Databinding
Ref.