On pg 34 of Ravi Vakil's Foundations of Algebraic Geometry he says that
an $S^{-1}A$-module is the same thing as an $A$-module for which $s \; \times\; \cdot :M\rightarrow M$ is an isomorphism for all $s \in S$.
I can show explicitly that this is true: an $S^{-1}A$-module is an $A$ module where $s \; \times\; \cdot :M\rightarrow M$ has inverse $\frac{1}{s} \; \times\; \cdot :M\rightarrow M$. In the other direction, if $s \; \times\; \cdot :M\times M\rightarrow M$ has inverse $g_s$ then we define $\frac{a}{s} \cdot m := a \cdot g_s(m)$, which gives us the $S^{-1}A$-module structure.
But I don't know how to show abstractly that this is the same as the universal property. I wanted to show that $M$ was a $B$-module for some $A$-algebra $B$ in which the image of $S$ was invertible. Then the universal property gives us a unique map $S^{-1}A \rightarrow B$ which gives us the module structure. But I'm not sure whether this is right or how to do this.