It took me a while to figure this out using just the onboard effects and particle designer. So, I figured I would share the technique I used to make a Star Trek styled transporter effect.

Transporter

3 layers. Track 1 is the background, 2 is your subject (keyed or masked in), 3 is the transporter particles.

Track 2: Place the Wipe Soft transition at the beginning of the clip. Modify transition to Down.
Apply the Glow and Lens Flare Effects.

Glow is Blur Radius 134, Glow Level 43.
Key frame to 0 levels at the end of the transport.

Lens Flare is
Size 153, Blend 0, Brightness 144
Frame Alpha 85, Frame Size 50, Light Size 57
Lens Flare Type 4. Light and Center Positions are set to center of the subject.
Key frame Blend to 100 at the end of transport.

Regarding the particle system: Use a plain, white sparkle as the particle. Mask method using a wide, spatter design.

Emit rate 100, Max Count 500, Life 3750, Life variation 25, Size 5, Size Variation 10, Speed 50, Speed Variation 25, Wave 0.45, Wave variance 50, Wave frequency 75, Symmetry 0, Rotation 0, Rotation speed 0, Rotation variance 100, Gravity 0, Enable Particle Overlay, All Fades checked. Duplicate this particle ten times (10 layers in the system). OR just download the particle system I created using the Director Zone link.