Have you tried the SetAlpha function? According to the wiki it will "pop" the actor in question to the given opaque percentage, which I'd take to mean that there is no visual effect involved.
Edit: I might have interpreted what you were asking in the wrong direction. If you're looking for the effect of having NPCs not sensing your presence while still appearing visible to yourself, I don't think there is any way to accomplish that cleanly. At least, I haven't found any variables which represent the NPC perception levels/Player stealthiness(other than the sneak value, of course). There could be workarounds though, depending on what you're trying to achieve. Is it enough that the NPCs appear friendly, for instance? If so, you can try creating a custom faction which is friends with another custom faction that only ever contains the player. Add NPCs to the former faction using http://www.gamesas.com/topic/1349649-dynamically-attaching-scripts-to-actors-near-the-player/ guide, and toggle whether the player is in the other faction with the spell. Hope that helps.