Pediatric Sleep Apnea–Hypopnea (SAH) presents a significant health challenge, particularly in diagnostic contexts, where conventional Polysomnography (PSG) testing, although effective, can be distressing for children. Addressing this, our research proposes a less invasive method to assess pediatric SAH severity by analyzing blood oxygen saturation (SpO2) signals. We adopted two advanced deep learning architectures, namely ResNet-based and attention-augmented hybrid CNN-BiGRU models, to process SpO2 signals in a one-dimensional (1D) format for Apnea–Hypopnea Index (AHI) estimation in pediatric subjects. Employing the CHAT dataset, which includes 844 SpO2 signals, the data was partitioned into training (60%), testing (30%), and validation (10%) sets. A predefined validation subset was randomly selected to ensure the models' robustness via a threefold cross-validation approach. Comparative analysis revealed that while the ResNet model attained an average accuracy of 72.9% across four SAH severity categories with a kappa score of 0.57, the CNN-BiGRU-Attention model demonstrated superior performance, achieving an average accuracy of 75.95% and a kappa score of 0.63. This distinction underscores our method's efficacy in both estimating AHI and categorizing SAH severity levels with notable precision. Further, to evaluate diagnostic capabilities, the models were benchmarked against common AHI thresholds (1, 5, and 10 events/hour) in each test fold, affirming their effectiveness in identifying pediatric SAH. This study marks a significant advance in the field, offering a non-invasive, child-friendly alternative for pediatric SAH diagnosis. Although challenges persist in accurately estimating AHI, particularly in severe cases, our findings represent a critical stride towards improving diagnostic processes in pediatric SAH.