The cooling capacity of a radiant ceiling panel (RCP) is highly limited in hot and humid climates as the panel surface temperature must be controlled higher than the air dew point to avoid condensation. Previous research suggested that condensation risks can be mitigated by using superhydrophobic surface materials, making ceiling panels applicable with the surface temperature below the air dew point. In this study, the enhanced cooling capacity of RCP due to latent heat transfer is estimated. Firstly, the condensation heat transfer of a superhydrophobic aluminum surface under natural convection in humid air with subcooling degrees between 3 °C and 12 °C was investigated by experiments. The data proved that the heat and mass transfer analogy method can be used to well predict the condensation heat transfer of the superhydrophobic surface with an error within 15%. Based on the finding, the heat and mass transfer analogy and traditional empirical methods were employed to predict the total heat flux of RCP with latent heat transfer. The results indicated an enhancement of 3% to 500% for the total heat flux compared with RCP with only sensible cooling, depending on the panel surface temperature, air temperature and humidity. This study draws a clear picture of how the cooling capacity of RCP can be enhanced via a latent heat transfer process, and this can be realized not necessarily with net moisture removal capacities with hydrophobic surfaces due to the droplet jumping phenomenon and the due re-evaporation process, showing a hidden potential of radiant cooling panels.