Some time ago I was able to make this kind of serial to network redirection using remserial:
Give access to a RS232 device over a network.
The computer with the serial port connected to the device (such as a
  data aquisition device) runs the remserial program:
remserial -d -p 23000 -s "9600 raw" /dev/ttyS0 &
This starts the program in daemon mode so that it runs in the
  background, it waits for connections on port 23000 and sets up the
  serial port /dev/ttyS0 at 9600 baud. Network connections to port 23000
  from any machine can then read and write to the device attached to the
  serial port.
This can be started from /etc/rc.local or as an entry in /etc/inittab
  or set up as a system service with a file in /etc/rc.init/.
This is what you need:
Server farm console control.
Assuming multiple Linux servers (such as web servers) are set up to
  have a serial port as their console instead of a monitor/keyboard,
  their serial ports could be connected to a control server using a
  multi-port serial board. On the control server, a copy of remserial is
  run for each server:
remserial -d -p 23000 -s "115200 raw" /dev/ttyS0
remserial -d -p 23001 -s "115200 raw" /dev/ttyS1
remserial -d -p 23002 -s "115200 raw" /dev/ttyS2
remserial -d -p 23003 -s "115200 raw" /dev/ttyS3
From any computer on the local network, use a telnet program to
  connect to the control server on the appropriate port:
telnet control-server-name 23002
This would connect through the associated serial port to the desired
  server's console. This example would then give the user console access
  to the 3rd server.
Careful scripting such as using the Linux "expect" program could allow
  batches of commands to be run on each server.
At the end of the page you'll find links to download a precompiled binary for i386 (32-bit) and the source code (if you're running a 64-bit OS or prefer to compile it yourself).
EDIT: To add a little automation you can install expect and write the following script:
#!/usr/bin/expect
spawn telnet 192.168.0.1
expect "Username:"
send "your-username\r"
expect "Password:"
send "your-password\r"
expect "#"            <----- prompt character ($ or #)
interact
This will automatically telnet to the host login and drop you to the prompt.