That might be a good reason for requiring a drip pan between the pipe and the top of the panel. But that is not the only reason that "dedicated equipment space" must be maintained. It's not just about protecting the panel from drips.
The pipe still has to be 6 feet higher than the top of the panel. I believe (but have no code reference to offer as proof) that the reason for this requirement is to ensure there is room to install additional conduits out the top of the panel for connection to future loads. They don't want the pipe in the way of future conduits, and is does not matter that it is a vent pipe. The best evidence I can give to back up my belief is that the only four items that require dedicated equipment space (i.e., switchboards, switchgear, panelboards, and MCCs) are also the only four likely to have additional conduits installed for future loads. You don't need this space reserved for transformers, disconnect switches, VFDs, or anything else but the four listed above. That would be because once these items are installed, there will be no need to add conduits in the future.