Two good sauce recipes for cocktail meatballs come from Emeril Lagasse and Ocean Spray. Both of these recipes have five-star ratings and take only 25 minutes to make.
To make the Ocean Spray version of cocktail meatball sauce, combine a 14-ounce can of Ocean Spray jellied cranberry sauce with a 12-ounce bottle of chili sauce and a 2-pound bag of precooked cocktail meatballs in a large saucepan or slow cooker. If using the stovetop, cook the sauce over medium-low heat until smooth, and then add the meatballs and cook for about 15 minutes. If using a slow cooker, put the meatballs in first, cover with the sauces, and then cook on high for 4 hours.
To make cocktail meatball sauce from Emeril Lagasse, begin by preheating the oven to 350 degrees and combine a cup of ketchup, 1/2 cup of grated yellow onions, a teaspoon of minced garlic, and 1/4 cup each of light brown sugar and red wine vinegar. Also add a tablespoon of Worcestershire sauce, a teaspoon of salt and 1/4 teaspoon of ground black pepper. Make sure the sugar dissolves, and then pour it over prepared meatballs. Cook the meatballs in the oven for about 20 minutes, and serve immediately.