Collections of non-Brownian particles suspended in a viscous fluid and subjected to oscillatory shear at very low Reynolds number have recently been shown to exhibit a remarkable dynamical phase transition separating reversible from irreversible behavior as the strain amplitude or volume fraction are increased. We present a simple model for this phenomenon, based on which we argue that this transition lies in the universality class of the conserved directed percolation models. This leads to predictions for the scaling behavior of a large number of experimental observables. Non-Brownian suspensions under oscillatory shear may thus constitute the first experimental realization of an inactive-active phase transition which is not in the universality class of conventional directed percolation.