I have two panels which are using flow layouts. These panels have same number of components (labels and text boxes). How do I align them?
Layout managers don't communicate with one another that way. You can't use two separate FlowLayouts unless the components are all the same size.
You might be able to use a SpringLayout. Or more complex layouts would be the GridBagLayout and GroupLayout.
Check out the Swing tutorial on Using Layout Managers for working examples to decide which you would like to use.