If you have the Exchange Online Snappack then you can use Create Event. https://docs-snaplogic.atlassian.net/wiki/spaces/SD/pages/1380548901/Create+Event
Depending on how confident you are the room would be free it might be worth creating the event first then using update event to add the recipients as that way you avoid the chance of someone else booking it during your process.
If you don’t need the Snappack and its a one off as part of a bigger bit of work you can just call the Microsoft Graph api as that gives you a lot more options not present in the pack. Create Event - Microsoft Graph v1.0 | Microsoft Learn
For either of these approaches I’d suggest early discussion with whoever looks after your Azure AD/365 environment to discuss the permissions required as they can be difficult to agree.
