We propose PanoFlex, an adaptive method for projecting panoramic vision using a dynamic distortion method based on eye gaze. We stream real-time video from a 360° camera and project the view on a plane to the user. The user controls the distortion of this equirectangular projection using eye gaze. For our first user study, we compare our method with conventional equirectangular projection considering the impact on spatial perception. For our second study, we perform a simulator sickness evaluation when the user performs regular daily activities. We found that PanoFlex did not carry any significant negative impact towards the user's spatial perception, perceived task load, and simulator sickness compared to the more conventional equirectangular view.