No, you can't really do that. You can fake a keystroke, but you cannot fake a mouse event.
However, you shouldn't need to do that. In your command button callback, you can simply change the axis range of the graph programmatically, using the SetAxisScalingMode function, and you will have achieved one zooming iteration.
If you want to do multiple zooming iterations, you can make multiple calls consecutively, separeted by calls to ProcessDrawEvents, or you can enable a timer and do one zooming iteration each time the timer callback is called.
Luis
NI