Formal:
* His Imperial Majesty (used for the Shah of Persia)
* His Majesty
* The King (This can be used, but remember that "Shah" is a specific title used for Persian rulers)
Informal:
* The ruler
* The king of Persia (again, only accurate for the historical Shahs of Persia)
Other options:
* The sovereign (This is a more general term for any ruler)
Ultimately, the best way to refer to a Shah depends on the specific context and your desired level of formality.