RW0926, The process is indeed the same, you simply remove the failed drive and then after a couple moments you insert the replacement and the rebuild should start. If for some reason it doesn't automatically start, then you can assign it as a Global Hot Spare and it will then rebuild. You can do that by hitting CTRL-N from the H700 controller BIOS main screen, which will take you to the PD Mgmt page. From there you can highlight the replacement drive, hit F2, and then select Make Global HS. Let me know if this helps.
I've got a PowerEdge R510 with a PERC H700 and one of the disks is failed. The disks are RAID1 and I've got a replacement disk. The failed disk is 0:0:1 and 0:0:0 is online,  0:0:2 is online,  0:0:3 is online . I've just never done the process before on this server. I wanted a step by step to ensure no data loss. On another server with a PERC H700 as well I pulled out the failed drive replaced it with a new drive and the rebuild started automatically. I don't know if that is the same process in this case as well?
PowerEdge R510 PERC H700 RAID1 failed disk replacement process