Reposition the panel, revealing frequently overlooked room feature (8)
I believe the answer is:
elephant
'frequently overlooked room feature' is the definition.
(the 'elephant in the room' is deliberately ignored)
'reposition the panel' is the wordplay.
'reposition' indicates anagramming the letters (I've seen 'repositioned' mean this).
'the'+'panel'='thepanel'
'thepanel' with letters rearranged gives 'ELEPHANT'.
'revealing' is the link.
(Other definitions for elephant that I've seen before include "Large animal (in the room?)" , "Trunked mammal" , "The symbol of the Republican Party" , "African or Inidan pachyderm" , "The plane (anag.)" .)