I do not think so.
My dictionary tells me that "effusive" is usually used in a positive manner: showing happiness in a very emotional manner.
a) Let's say that you voted for Mr.X and he wins. You would then have an effusive reaction: you would shout with happiness, you would smile all day, and you might even buy everyone in your office a cup of coffee.
I think that the word "hysterical" is usually used in a negative manner. It means that you have lost control.
That you have temporarily gone crazy. You are unable to think.
b) Let's say that you are a pilot of an airplane that starts to have trouble. Well, as a professional pilot, it is your job to stay calm, to think of the best thing to do in such an emergency. But if a pilot became hysterical,. he might yell," We are going to die!" and he might run up and down the aisle of the airplane screaming and yelling and crying.
