You haven't answered the question "How do you intent to talk to the MS SQL database if PDO isn't allowed", but I assume there are the mssql_* functions to be used.
These do not have an escaping function readymade, but it seems they offer you to use prepared statements - which will do the job.
Otherwise you would have the security-relevant task to create an escaping function yourself. The character replacement is not really complicated when you first look at it, and you might be lucky to only have to cover your exact use case with a defined encoding. So this might really be as easy as looking up in the MSSQL manual which characters in a string are not allowed as a simple character, and how to escape them.
Be alerted though that you might miss edge cases, and if you can avoid it, I'd rather use the prepared statement feature.
Update: I misread the manual, mssql_execute() only calls stored procedures, not prepared statements. Can't you store procedures? Would be an easy way out. But I'd like to know how you are supposed to talk to the database anyways.
Update2: I found a link in a comment on php.net for mssql_bind pointing back to an SO answer about escaping: How to escape strings in SQL Server using PHP?