I've heard of 2 techniques that people use, neither of which I've used. There's the laborious task of drilling your own, and then there's the Pounce wheel method, where you run a toothed wheel along the panel line making little depressions with the sharp teeth on the wheel.
Thinking about it, I've seen another method that has a template for different sizes & spacings of rivets, and some kind of tool to make the depressions. Not sure where I saw it now, but have a look round MDC's website, which can be found here:
http://www.shopcreator.net/mall/modeldesignconstruction/