you can use the foam shader with any particle system, including particle flow, that can be used to create the foam over the animated mesh
of course you can try to simulate the wave, we had one old sample scene that produces breaking waves by simple filling half container with water. currently the splash birth method is significantly improved and produces splash better positioned over the crest. you can use animated source or animated moving geometry to produce the waves, i think we have to include a helper that makes this automatically
What I am dreaming I could do, is model and animated a wave crest curling to allow a character to surf inside of it and use phoenixFd to create splash and foam at the point were the wave close the circle and create foam webby pattern all along the surface of the water. Maybe i could simulate something with phoenixFD mostly flat and then render it from above and map the nice patterns phoenix can create on the surface of my geometry and make it slide on it by animating the uv coordinates.