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This happens all the time on NMs. I will try to rez someone only to find that I'm unable to rez because they are "phased out" for me. I can't even target them in the party list. I noticed this happening with mobs too, they'd be unseeable until the area cleared out after the NM was dead.
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I had a rez problem that persisted even after the screen had cleared. Three people, two in my team, just could not raise despite several people spending several minutes trying. They got, & accepted, the raise dialogue but eventually just had to use Return.
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I've had this happen to me at Ixions (and some S rank spawns as well). It's not because you can't 'point-click' it's because you can be standing on top of a party member and not be able to target them because there are so many people. I'm not even sure if AOE heals/shields work for them, because they count as 'out of range'. I saw it at the NM last night and it's even more terrifying there because I need my teammates to not die and if they do die I need to be able to get them up ASAP.