Object recognition using color information I want to use the L*a*b color model for recognition of a particular colored object by calculating the euclidean distance between the desired color in current image and the same color in next image frame.

As the LAB color space was designed in keeping with human vision, I think it can be used for the purpose.  Is this correct?
Yes Lab color is designed to approximate human vision. But there are also RGB and CMYK color models, and their transforms like HSL and HSV. Which color base can best make your object feature distinguishable needs your experiment to validate.