Psychoacoustical models have been used extensively within audio coding applications over the past decades. Recently, parametric coding techniques have been applied to general audio and this has created the need for a psychoacoustical model that is specifically suited for sinusoidal modelling of audio signals. In this paper, we present a new perceptual model that predicts masked thresholds for sinusoidal distortions. The model relies on signal detection theory and incorporates more recent insights about spectral and temporal integration in auditory masking. As a consequence, the model is able to predict the distortion detectability. In fact, the distortion detectability defines a (perceptually relevant) norm on the underlying signal space which is beneficial for optimisation algorithms such as rate-distortion optimisation or linear predictive coding. We evaluate the merits of the model by combining it with a sinusoidal extraction method and compare the results with those obtained with the ISO MPEG-1 Layer I-II recommended model. Listening tests show a clear preference for the new model. More specifically, the model presented here leads to a reduction of more than 20% in terms of number of sinusoids needed to represent signals at a given quality level.