In Linux the equivalent would pstree.
If I find the OS X equivalent, I'll let you know.
Update: On OS X if you have fink installed:
fink install pstreewill install an OS X specific pstree.
Update: You can download/compile the source for pstree at:
ftp://ftp.thp.uni-duisburg.de/pub/source/
http://fresh.t-systems-sfr.com/unix/src/misc/
I was able to compile the source and run it natively on Tiger.
Thanks to Seth Theriault for the links.