Sprite Reflection

[tale]

Unfortunately the links don't seem to lead to anything anymore

There's an alternative script, it might not sound user-friendly however it's worth a try.

Here's a link to Galv’s Character Effects V.2.1

Technical explanation by Galv:
The reflections are drawn on top of the parallax image – meaning, you will need some basic skills such as using a graphics program to make water tiles partially transparent or using parallax mapping. The reflections can be seen because they are beneath the tileset water… and the tileset water was made partially transparent – giving the illusion of the reflection being in the water.