Yes there is.
Select the two objects that are intersecting.
Toon>Assign Outline > Add new Toon Outline.
open the attribute editor and turn off the profile/border/crease lines and turn on intersection lines.
There should be a new object between the 2 objects (ship and the ocean) which you can now apply: emit from surface.
Now tweak until you get foaming particles.
Have Fun.
Chris