A search for the standard model Higgs boson is presented using events with two charged leptons and large missing transverse energy selected from 5.4 fb-1 of integrated luminosity in p-pbar collisions at sqrt(s)=1.96 TeV collected with the D0 detector at the Fermilab Tevatron Collider. No significant excess of events above background predictions is found, and observed (expected) upper limits at 95% confidence level on the rate of Higgs boson production are derived that are a factor of 1.55 (1.36) above the predicted standard model cross section at Higgs boson mass of 165 GeV.