One putative demarcation of mereological panentheism would refer to - not the Trinity, but - the Incarnation of Christ. It would go beyond accounts of the analogy of being, ontological participation & classical theism (simplicity), but not without them, to provide a semantical grammar & heuristic for hypostatic perichoresis & mutually constituted identities.
This demarcation doesn’t split ontological differences between theism & pantheism. Instead, it supplements ontological grammars & heuristics with hypostatic accounts, adding additional Incarnational insights —-theologically, cosmically & anthropologically.