I don't have Panoramic, so I don't know about the list. However, it's not removing or disabling devices but instead blocking or restricting wireless devices on your router. Yes, you can do that and there are lots of methods.
I think changing the password would be effective. However, if this is just a temporary suspension, I'd reduce your kid's access time. Meaning, most routers have Time Schedules to allow access. For example, if you don't want your kids up all night on their tablets, block access from 9 PM to 6 AM. This may be the easiest administrative solution.