you can use this event to intercept the /msg (Bot's Name) !Invite (Name) (Pass) 
  For the list you can set a tokenized var like 
%invitelist nick1-nick2-nick3
and use $addtok to add a nick to the var and $istok to see if the nick is in the list (for the password you can do another list, or use the same)
you can also save the list in a file if you want but i think that the tokenized var is the easiest way :P