The equal sign is interpreted as a separator sign in the optlist. But there's a way to have an url with GET params.
With the example given below:
$url = PDF_create_action($p, "URI", "url {http://www.pdflib.com/?page=home}");
PDF_create_annotation ($p, 44, 100, 55,700, "Link", "linewidth=0 action {activate $url}");