While you can't actually parse the tag using your custom module, you can pass parameters to the channel module and run it. Here's a code sample:
function your_module_method()
{
// Set the parameters for the channel:entries tag
$this->EE->TMPL->tagparams['entry_id'] = $entry_ids;
$this->EE->TMPL->tagparams['dynamic'] = 'no';
require_once(PATH_MOD.'channel/mod.channel.php');
// Instantiate channel module
$ch = new Channel();
// return the entries
return $ch->entries();
}
The result is that your module method will function exactly like a exp:channel:entries
tag with the parameters set as you configure them.