V-Ray render tab > Camera rollout > "Cylindrical (point)" camera type should allow setting independent horizontal FOV (0-360) and vertical FOV (0-180)

As per this forum post by Vasil Minkov (Chaos dev) from 2016:

The FOV value of the cylindrical (point) camera currently sets both horizontal and vertical field of view to the same value.

We should change this behaviour and enable to select independent horizontal FOV (0-360) and vertical FOV (0-180).

This is already done for the spherical panorama camera. If you don't need too wide vertical FOV you may try the spherical panorama camera. For small vert. FOV the result will be similar to cylindrical camera.

I appreciate you can get a "similar" result using "Spherical panorama" but I expect V-Ray to offer more precise control to help match output from PTGUI.