generators must be $r$ and $s$
The above statement does not make much sense since $r$ and $s$ are not the group elements. You mean to say "generators must be $x$ and $y$ where $x$ and $y$ are the elements of order $r$ and $s$."
Your idea is correct. You would, however, need to prove that $\langle x, y\rangle$ does indeed have order $rs$. To do this, you would need to show that if
$$x^a = y^b$$
for $0 \le a < r$ and $0 \le b < s$, then it is forced that $a = 0 = b$.
This will then tell you that the set $\{x^ay^b \mid 0 \le a < r,\;0 \le b < s\}$ has cardinality no less than $rs$. (Why?)
Alternately, you could try to show that the element $xy$ itself has order $rs$. (The proof will be almost identical to the above one.) Then, you can simply consider the subgroup $\langle xy\rangle$.
EDIT: Details on how to prove that $a = 0 = b$ claim.
We can note that $x^a \in H$ and $y^b \in K$. Since the two elements are assumed to be equal, we see that $x^a \in H \cap K$.
However, note that $H \cap K$ is a subgroup of $H$ and of $K$. (Why? Show that the intersection of subgroups is again a subgroup.)
Thus, the order of $H \cap K$ must divide that of $H$ and $K$. This gives us that $|H\cap K| = 1$ and thus, its only element is the identity. Thus, $x^a = 1 = y^b$. Conclude.