Is there any possible way to create a cool effect - a ring surrounding our character and quickly spreads out - in Panda3D?
I suppose to use dynamics in Maya but the effect cannot be exported out. I think the shader may be another possible solution. Any other idea?

Build a ring shaped model, apply a texture pattern and then apply a glow filter(shader).
Just look at the glow filter tutorial that comes with the latest Panda release(1.3.0).

or simply use the particle system. have a look at it in the manual =).
for such a nice lightning effect try to use a small animated texture for the particles. same cool look but without shaders.