<getting...>
Not only is that two different emitters (the downward flowing particles with bounce, I believe, and the flat ring billboard), but the bottom emitter, the ring billboard, also has a sprite atlas for animating the flow.
Right off the bat (I.e. being too lazy to actually set up the project and experiment), I can see three ways to do this (ignoring the partical emitter, which I assume you'll just grab from the water elemental):
1) An infinite lifetime billboard emitter with an animated sprite atlas of ever expanding rings.
2) Ephemeral billboards of expanding scale using the default ring tga
3) A combination of an animated ring sprite atlas (for a more liquid feel) and ephemeral upscaling billboards for the size.
<...three-faced>