Yes, it is possible to simulate a button press. For example, if your camera object is _camera, you can use this syntax to simulate the Mode button:
_camera.RemoteControl.SetValue(".services.appl.supv.exec", "bt -m");

Other values instead of -m are:

-u simulates the joystick up button
-d simulates the joystick down button
-l simulates the joystick left button
-r simulates the joystick right button
-e simulates the Enter key
-t simulates the Tab key
-c simulates the Escape key
-b simulates the Backspace key
- simulates the Minus key
f1 simulates the Left function button
f2 simulates the Right function button
-g simulates the Laser button
-s simulates the Snapshot button
-o simulates the Open (recall) image button
-p simulates the Power on/off button
-m simulates the Mode button
-f simulates the Freeze button
-A simulates the Manual/Auto button
-- simulates the Adjust left key
-+ simulates the Adjust right key
-* simulates the Adjust press key

To simulate a long press, use this syntax:
_camera.RemoteControl.SetValue(".services.appl.supv.exec", "bt -P -p");

To similate a release of a button, use this syntax:
_camera.RemoteControl.SetValue(".services.appl.supv.exec", " bt -S -p");

Using these two lines will turn off the camera:
_camera.RemoteControl.SetValue(".services.appl.supv.exec"," bt -P -p");
//wait a while
_camera.RemoteControl.SetValue(".services.appl.supv.exec", "bt -S -p");