I don't think you can do it using a PointF (coordinates that use decimal values) but here's a solution that works with using a Point (coordinates that use integer values):
Code:
Public Class Form1
Private ReadOnly _random As New Random()
Private Function GetRelativeLocation(childControl As Control, location As Point) As Point
Dim screenX = childControl.PointToScreen(location).X
Dim screenY = childControl.PointToScreen(location).Y
Return New Point(screenX, screenY)
End Function
Private Sub Button1_Click(sender As Object, e As EventArgs) Handles Button1.Click
Dim x = _random.Next(95, 493 + 1)
Dim y = 30
Dim cursorLocation = GetRelativeLocation(Panel1, New Point(x, y))
Cursor.Position = cursorLocation
End Sub
End Class
All I did was add a button to the form to trigger moving the cursor since you didn't specify what the trigger is.