The former Heroes star plays Juliette, a young, up-and-coming country singer in the the new US drama, which premieres on ABC in October.
OK! Magazine reports that Panettiere is adamant the similarities between Juliette and Swift are only skin deep.
She told Access Hollywood: "I've heard the Taylor Swift thing quite a bit. And I think aside from being around the same age and blonde, not even height, I mean, very different, very different.
"And I think you guys, once you see her and get to know Juliette, my character, a little bit better, you'll see that.
"But I really think Taylor would disagree wholeheartedly as well. She's much nicer than my character."
Swift was recently named by Forbes as the highest-earning star under 30, with the 22-year-old picking up an estimated $57 million between May 2011 and May 2012.
Watch Hayden Panettiere singing 'Wake Up Call' below: