Embedded multimedia systems often run multiple time-constrained applications simultaneously. To meet the throughput constraints given in the specification, each application must be provided with enough resources by the underlying architecture, which is generally a multiprocessor system-on-chip (MPSoC). For this purpose, a mechanism for task binding and scheduling is required to provide each application with a timing guarantee, keeping in mind the available resources like processor(s) and memory bandwidth. Commonly, synchronous dataflow graphs (SDFGs) are used to model time-constrained multimedia applications. There are resource allocation strategies for SDFGs that help in formulating efficient techniques for calculating the throughput of a bounded and scheduled SDFG. The strategies are effective in terms of run-time and allocated resources. However, there is no unified modeling technique to simultaneously represent the application and the underlying architecture with resource allocation. This paper discusses a novel modeling technique using Colored Timed Petri Nets (CTPNs), which can be used to model the application as well as the architecture and the resource allocation. Such a representation helps in checking properties like liveness and boundedness for the application, taking into account the resource allocation and thus helping in defining satisfactory schedules for the executable tasks.