Are you looking for creating a character from scratch, or just some form of being able to tweak characters?The only thing I can remember off the top of my head with full blown create-a-character is Soul Calibur, but you don't get to make your own moveset, just a model that gets fitted to an existing set. Tekken's costume customization doesn't let you make a whole character but does let you remodel them quite a bit, and you can equip items that give them an extra (nearly useless) move.Console ports of Street Fighter Alpha 3 have both an edit mode where you can make your own -Ism, and a World Tour RPG mode to level up a character and give them some abilities. SNK 2 has a similar thing with EX Grooves, but no RPG.Guilty Gear and Blazblue have a survival mode where every several matches you get to pick from various stat and ability upgrades that last until you die and have to start all over. Persona 4 Arena Ultimax makes it into more of an RPG with persistent levels.
Psp Games Where You Can Create Your Own Character For Kids
Guilty Gear Xrd has another new take on it, and there's even an option to allow your RPG-ified characters in unranked matches if you wanna fool around with them online.