You can use the Live Editor markup method along with an 'open_system' command to create a hyperlink that opens up a Simulink model.
[label_name](matlab:open_system(name_of_model))
For example, if you would like to create a hyperlink with the display text 'Open Model', which opens up the local file 'my_model.slx', you can insert the following line into the text of your Live Script:
[Open Model](matlab:open_system('my_model.slx'))
Alternatively, you can highlight the text which you wish to be the display text, right-click and select 'Hyperlink', and then add in the 'matlab:open_system' command into the 'Target URL' field.
