So this topic is slightly confusing. Creating the monitors via VAIM and deploying the configuration is the best and generally easiest solution. However, if you don't have VAIM installed in your environment, you can create Service monitors via Spectrum as well...
A Service monitor is effectively a Process monitor with additional flags set in order to treat it as a Services (instead of a Process).
In Spectrum, go to System Resources -> Running and Monitored Processes -> Monitored Processes
Click Add.
Make sure you provide the Service Display Name (Ex: Windows Time), not the Service Name (Ex: W32Time) and check the "Monitor Windows Service" option.
Here's an example that was created by an Auto Watcher:
Thanks to GregPolenta for some of the Spectrum specifics and generating the base screen shots for me.