Found the solution:
$().SPServices({ webURL: "yourwebsiteaddress", operation: "UpdateListItems", listName: "yourlistname", ID: yourlistidvalue, batchCmd: "Moderate", valuepairs: [["_ModerationStatus", 0]] });
And just for fun, I worked up a list of the Status values:
hse.ModerateStatus = function (data) {var result = "";switch (parseInt(data)) {case 0: result = "Accepted";break;case 1: result = "Rejected";break;case 2: result = "Pending";break;case 3: result = "Draft";break;case 4: result = "Scheduled";break; }return result; };