My data involves 3 different time points with 2 dependent var, 2 independent var, 1 mediator, and 1 control variable. Each of the variables is latent except for the control variable. I will use Stata for data analysis.
I'm not sure I fully understand your question, but longitudinal (panel) data is certainly suitable (in principle) to conduct mediation analysis, typically through path analysis of structural equation modeling. In fact, many methodologists would argue that having longitudinal data is essential to test hypotheses about mediated effects, for example:
Cole, D. A., & Maxwell, S. E. (2003). Testing mediational models with longitudinal data: Questions and tips in the use of structural equation modeling. Journal of Abnormal Psychology, 112, 558–577.
Maxwell, S. E., & Cole, D. A. (2007). Bias in cross-sectional analyses of longitudinal mediation. Psychological Methods, 12, 23-44.