I created https://en.wikipedia.org/wiki/User:Mattflaschen-WMF/FlowMention to demo this. The markup of FlowMention is:
@[[User:{{{1|Example}}}|{{{2|{{{1|Example}}}}}}]]<nowiki />The markup of the transclusion is:
{{User:Mattflaschen-WMF/FlowMention|Admin}}fooCore renders it as:
<p>@<a href="/w/index.php?title=User:Admin&action=edit&redlink=1" class="new" title="User:Admin (page does not exist)">Admin</a>foo</p>
Parsoid renders it as:
<p data-parsoid="{"dsr":[0,46,0,0]}"><span about="#mwt1" typeof="mw:Transclusion" data-parsoid="{"pi":[[{"k":"1","spc":["","","",""]}]],"dsr":[0,43,null,null]}" data-mw="{"parts":[{"template":{"target":{"wt":"User:Mattflaschen-WMF/FlowMention","href":"./User:Mattflaschen-WMF/FlowMention"},"params":{"1":{"wt":"Admin"}},"i":0}},"foo"]}">@</span><a rel="mw:WikiLink" href="./User:Admin" title="User:Admin" about="#mwt1" data-parsoid="{"stx":"piped","a":{"href":"./User:Admin"},"sa":{"href":"User:Admin"},"tail":"foo"}">Adminfoo</a></p>