Jeans? No. It's a formal occasion so you would stick out like a sore thumb. Hubby should wear a suit. I'd suggest a nice trouser suit or perhaps a simple shift dress for yourself if you don't do 'dressy'. I work at a Uni so I've seen dozens of these things and in 20 years I've yet to see parents in jeans. Some people do overdo the dress up though. Keep it simple and elegant and you can't go far wrong.