Below version isn’t working due to cross domain issues (As visualforce pages are served from *.force.com domain and salesforce standard pages are served from *.salesforce.com domain, so it results in cross domain errors).
Please read new working version @ http://www.chiragmehta.info/chirag/2010/08/16/salesforce-hide-standard-buttons-display-working-version/
There are many a times where we want to remove few standard buttons from page layout, but there is no such option to remove such restricted buttons. Few such buttons are …
Following is a solution which will hide “Save & Send Invitation” button on New Event page
STEP1: Visualforce Code
<apex :page sidebar="false" showHeader="false">
<script language="javascript" type="text/javascript">
window.onload = new function()
{
window.parent.document.getElementsByName("sendEmail")[0].style.display = 'none';
window.parent.document.getElementsByName("sendEmail")[1].style.display = 'none';
}
</script></apex>
STEP2: Create a Home Page Component of type (HTML Area)
<iframe src="/apex/aboveVFPageName" frameborder="0" width="100%" height="100"></iframe>
STEP3: Add above created Home page component in your home page layout.
That’s it you are all set, now open New Event and add invitees, automatically the “Save & Send Invitation” button will disappear.

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