I don't believe VMWare Player accepts any parameters other than the machine to run. So just use a Run Program action like:
"%ProgramFiles%\Vmware\Vmware Player\VMPlayer.exe" "c:\path\to\vm.vmx"
You could also wrap this in a user action pretty easily if you want:
http://www.visualbuild.com/Manual/userdefaction.htm
Admin note: Implemented in v7