Set paddingTop, paddingBottom, paddingLeft, paddingRight for Panel
<?xml version="1.0"?>
<mx:Application xmlns:mx="http://www.adobe.com/2006/mxml">
<mx:Panel title="My Application" paddingTop="10" paddingBottom="10"
paddingLeft="10" paddingRight="10">
<mx:VBox xmlns:mx="http://www.adobe.com/2006/mxml">
<mx:ComboBox>
<mx:dataProvider>
<mx:String>A</mx:String>
<mx:String>B</mx:String>
<mx:String>C</mx:String>
</mx:dataProvider>
</mx:ComboBox>
</mx:VBox>
</mx:Panel>
</mx:Application>
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