I don’t know of this case exactly. But i Will Tell you what i would do (inside UE4): First make a water shader, i would use animated normal maps and maybe WPO (world position offset) to make vertex animations (to look more realistic). Bring It to cascade or Niagara, emitters data type would be a mesh (in this case a sphere), spawn rate Burst 1 with long lifetime. Then add these water drops.
There are some tutorials around the internet of How to make water shaders (realistic and stylized).
And maybe not even move to cascade, just add this material to a sphere mesh and spawn it. Maybe as a projectile for example. One thing that you must know is that you don’t need exactly a tool like cascade or Niagara to created Visual effects. They could be a simple mesh with a shader