The IsoRank algorithm of Singh, Xu, and Berger was a pioneering algorithmic advance that applied spectral methods to the problem of cross-species global alignment of biological networks. We develop a new IsoRank approximation that exploits the mathematical properties of IsoRank's linear system to solve the problem in quadratic time with respect to the maximum size of the two protein-protein interaction (PPI) networks. We further propose a refinement to this initial approximation so that the updated result is even closer to the original IsoRank formulation while remaining computationally inexpensive. In experiments on synthetic and real PPI networks with various proposed metrics to measure alignment quality, we find the results of our approximate IsoRank are nearly as accurate as the original IsoRank. In fact, for functional enrichment-based measures of global network alignment quality, our approximation performs better than the exact IsoRank, which is doubtless because it is more robust to the noise of missing or incorrect edges. It also performs competitively against two more recent global network alignment algorithms. We also present an analogous approximation to IsoRankN, which extends the network alignment to more than two species.