There's an acquired touch to it, but a Sharpmaker-style sharpener or V-crock with round rods actually works very well for serrations. It's becoming my favorite means to sharpen them, especially in time saved. The key is to keep the touch extremely light, using the corners of the rods; and, using a very slightly elevated angle on the 'flat side' of the serrated edge, lightly draw the blade from heel-to-tip, just as you'd do with a plain-edged blade. You'll feel the serrations very, very lightly 'zipping' over the rod as you make the stroke. If they 'bump' too harshly (trust me, you'll feel it), back off the angle somewhat, and ALWAYS keep the touch extremely light. The same can be done on the ground side of the serrations, mainly just to keep burrs honed down; you'll have to adjust your held angle to keep it just slightly wider than flush to the grind itself. Check for burrs on each side after each pass, as they'll arise quickly as the edge becomes apexed from either side. As soon as you detect a burr on one side, switch to even lighter honing on the side to which the burr's leaning, to gently hone it down.
With the tapered diamond rods, it would be easy to over-grind serrations as Jason has mentioned. If wanting to use the tapered rod sharpener, starting with a ceramic of the same type might be wiser for starting out, until you get a feel for it. Doesn't take much aggressive honing, normally, to get serrations back in good cutting shape.
David