Is there a way to save a customized premiere transition?

I guess that there is no way to do this currently. Another feature request candidate?

Take a look at this page (http://bit.ly/g75Hmw) on Adobe Premiere Pro Help. It shows you how to create transition presets.

I know how to save custom clip effects, however I still see no options for saving transitions.

You can make a custom default transition, but as far as saving many custom transitions that is not a feature of Adobe Premiere Pro.

Sounds like a great feature request: You can file a feature request here: http://www.adobe.com/go/wish . More on how to give feedback: feature requests, bug reports, crash reports, and sending feedback After Effects region of interest (http://bit.ly/93d6NF)