Correcting a panorama in Photoshop?

[A.Mitov]

I have a question about the panoramas. When you render out a panorama with vray, is there a way to post proccess it in Photoshop? I make a spherical 360 panorama but the image is heavily distorted and that makes it very hard to make corrections to it. I want to put lens effects and whatnot but they are "orthogonal" and the image - distorted and the panorama algorithm compensates for this distortion eventually making the "orthogonal" lens effects look distorted.