It is acceptable with certain exceptions. You must wear a cami under the top. Pants should never be sheer. You have to have the body for it. If you don't, you set yourself up for ridicule.
So long as the clothing visible underneath is decent, sheer clothing is perfectly acceptable. If there is any hint of indecency, then it is better left to the privacy of your own home.
I do not think wearing sheer clothing in public is acceptable. Aside from being inappropriate it makes people uncomfortable being able to see through a persons clothing and being able to view things that should only be viewed in private.