We consider a generalized mean spherical approximation for the pair-connectedness function of a dipolar hard-sphere fluid. Based on its analytical solution, we propose an exponential approach to the continuum percolation of dipolar fluids. The mean cluster size and the critical percolation density so obtained agree well with previously reported Monte Carlo simulations. The Kirkwood gK factor calculated among connected dipoles, a magnitude that can be taken as a measure of the dipolar ordering inside the cluster, also compares well with the simulation results.