Laminated veneer lumber panels (LVL) are engineered wood products suitable for application in construction contexts. However, LVL panels have some deficient elastic properties (e.g., ({E}_{22})) concerning other elastic properties (e.g., ({E}_{11}) and ({G}_{12})), which may cause problems in structural applications. Carbon and basalt fibers (CF and BF) are reinforcement alternatives for LVL panels, as they can be included in the interior or exterior wood veneer bonding process. This work aims to analyze the effect of incorporating CF and BF fibers in the orthotropic elastic properties of radiata pine LVL panels through a nondestructive method based on transverse vibration tests and model updating techniques. Accordingly, 20 LVL panels of 15 mm thickness were fabricated and tested with different reinforcing fibers and adhesives. Then, some relevant panels’ dynamic properties were identified through experimental modal analysis. Finally, three relevant panels’ orthotropic elastic properties were estimated simultaneously using finite-element model updating techniques and Python-based deterministic calibration scripts. The results suggest that the reinforced LVL panels obtained significant increases in their orthotropic elastic properties, in the order of 22%, 333%, and 27% for ({E}_{11}), ({E}_{22}), and ({G}_{12}), respectively. These results show the effectiveness of the type of reinforcement applied and the potential application of the nondestructive evaluation method in other contexts.