The 27-year-old was drafted by the NHL’s Arizona Coyotes in 2008 and has spent the last two seasons with Brampton Beast in the ECHL.
Billingsley has scored 10 goals with 28 assists in 122 games for Brampton.
Panthers’ boss Corey Neilson said: “I’ve had good reports on Tim from coaches across the East Coast League.
“He’s had two good seasons with Brampton Beast, he’s a good skater and a great two-way hockey player.
“He likes to jump into the offence, but is essentially a good defenseman. I’m very happy to have him.”