As of macOS Sierra it appears that this still is not a feature. So here's what I do:
Say I'm travelling from New York (in the EDT timezone) to Cairns, Australia (in the AEST timezone). The ticket says something like: Flight UA123 departs JFK on MON03OCT2016@8:00pm/EDT arrives CNS on WED05OCT2016@1:30pm/AEST.
1. Turn Mac Calendar's TimeZones on by going to Calendar->Preferences->Advanced->Turn on time zone support
2. Then I go to http://www.timeanddate.com/worldclock/converter.html and enter the arrival time on the ticket (e.g. 1:30pm) and convert from the destination time zone (e.g. AEST) to the departure timezone (i.e. EDT). Then I click the Copy&Paste tab to get:
Cairns (Australia - Queensland) Wednesday, October 5, 2016 at 1:30:00 PM AEST UTC+10 hours
New York (USA - New York) Tuesday, October 4, 2016 at 11:30:00 PM EDT UTC-4 hours
Corresponding UTC (GMT) Wednesday, October 5, 2016 at 03:30:00
3. I then create an event called "UA123 JFK✈" with the departure time on the ticket (e.g. 8:00pm) and set the arrival time to the converted time above in the second line (e.g. 04OCT2016@11:30 PM). I set the time zone to my departure time zone (e.g. EDT).
4. I then create an event called "UA123 ✈CNS" with the arrival time on the ticket (e.g. WED05OCT2016@1:30pm). I set the end time of the event to exactly the start time so that the event is 0 minutes in duration. I set the time zone to the destination time zone (e.g. AEST).
What this does is create two events. The first one shows the whole time period of the flight. The second one shows just the arrival point-in-time. By using the drop down on the Calendar app to the left of the search box, I can select what timezone I want to see things in. And events remain in the right order with the right duration.
Be sure to double check it and that it passes the reasonableness test. If you're arriving before you left or your flight is very, very short, you've made an error.
I sure hope that Apple adds this functionality to this macOS app and makes it compatible with the iOS app through the cloud. It would make a nice demo for one of those Apple Event stage shows.