The derivation of colorProperty belongs in the model. Move the derived property into RGBModel, so that both model have a perceivedColorProperty. (Tip: Anytime you need to do instanceOf, it's likely that you have a problem with either type hierarchy structure or misplaced responsibilities.)
Passing the entire model as a constructor parameter is unnecessarily broad. After doing 1, you'll be able to pass in just model.perceivedColorProperty, so the constructor will become:
function ThoughtBubble( colorProperty, yRadius, options )
A couple of issues with ThoughtBubble...