Vision-and-language navigation (VLN) requires an embodied agent to ground natural-language instructions into executable navigation actions in unseen environments. Existing zero-shot methods typically rely on additional waypoint prediction modules, which often entangle high-level directional reasoning with fine-grained local grounding, leading to error-prone and unstable decisions. In this paper, we propose P2DNav, a hierarchical framework for zero-shot vision-and-language navigation. P2DNav consists of three core components: Panorama-to-Downview (P2D), Sliding-Window Dialogue Memory (SDM), and Reflective Reorientation Mechanism (RRM). P2D explicitly decomposes navigation decision-making into two stages: panoramic direction selection and downview local grounding. It first selects the instruction-relevant direction from a 360° panorama, and then predicts a pixel-level target point from the downview RGB observation in that direction. In addition, SDM organizes navigation history as a multi-turn dialogue context and maintains recent visual observations within a sliding window to support long-horizon navigation. RRM further enables reflective reorientation by assessing the reliability of local grounding based on the downview observation and returning to panoramic direction selection when necessary. Experiments on the R2R-CE benchmark show that P2DNav achieves strong performance among zero-shot methods. In particular, compared with the state-of-the-art (SOTA) zero-shot waypoint-based and waypoint-free methods, P2DNav achieves SR gains of 146.6% and 58.9%, respectively, demonstrating the effectiveness of P2D, SDM, and RRM for zero-shot VLN. Code will be released for public use.