Laminated veneer lumber panels (LVL) are engineered wood products suitable for application in different construction contexts. However, LVL panels generally have some deficient elastic properties (e.g., Eyy) concerning other elastic properties (e.g., Exx), which may cause problems in some structural applications. Carbon and basalt fibres (FC and FB) are possible reinforcement alternatives for LVL panels, as they can be included in the interior or exterior wood veneer bonding process as required. Nevertheless, it is desirable to evaluate the effectiveness of the reinforcement in different directions through a fast and non-destructive method compatible with LVL panel production lines. This work aims to analyse the effect of incorporating carbon and basalt fibres in the orthotropic elastic properties of radiata pine LVL panels through a non-destructive method based on transverse vibration tests and model updating techniques. Accordingly, 20 LVL panels of 15 mm thickness were fabricated with different reinforcing fibres and adhesive combinations. Transverse vibration tests were implemented by supporting the panels on four flexible supports. Low energy impacts applied with a modal impact hammer generated dynamic excitations on the panels. On the other hand, the vertical dynamic response was measured through an accelerometer attached to one corner of the panels. Subsequently, the panels' first three vibration modes with their respective frequencies and damping ratios were identified through experimental modal analysis techniques. Finally, the panels' three most relevant orthotropic elastic properties were estimated simultaneously using model updating techniques with the help of finite element software and Python-based deterministic calibration scripts. The results suggest that the LVL panels reinforced obtained significant increases in their orthotropic elastic properties, in the order of 22%, 325%, and 33% for Exx, Eyy, and Gxy, respectively. These results show the effectiveness of the type of reinforcement applied and the potential for application of the non-destructive evaluation method employed in other contexts.