Turn on a multi-functional pressure cooker (such as Instant Pot®) and select Saute function. Add apricot preserves, barbecue sauce, water, and crushed red pepper and whisk together. Add meatballs and stir to coat.
Close and lock the lid; turn venting knob to sealing. Select high pressure according to manufacturer’s instructions; set timer for 5 minutes. Allow 10 to 15 minutes for pressure to build.
Release pressure carefully using the quick-release method according to manufacturer’s instructions, about 5 minutes. Unlock and remove the lid.
Arrange meatballs on a platter with toothpicks and additional crushed red pepper, if desired.
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