It appears to depend on whether the camera is pointing above or below the horizon. If below, particles are drawn below the decal. If above, particles are drawn above the decal. From the camera’s perspective, the part that contains the ParticleEmitter is in front of the face with the decal, so particles should always be drawn on top of the decal.
This is intended. A Decal isn’t a physical thing - it’s a texture on a transparent part. Transparent parts appear in depth order instead of each face occluding each other face the way you would expect. Particles do the same thing. So if the center of your transparent part is closer to the camera than the center of your particle part your decal will appear on top of the particles.