For a displacement type hull, at hull speed or less the propulsive power needed is directly proportional to the hull displacement, at equal speed/length ratios.
Max Hull speed (knots) = 1.3 * squareroot of waterline length (feet)
Speed-Length Ratio = Speed / squareroot Length
So, if your waterline length is 28 feet, the nominal maximum hull speed is 6.9 knots.
If your model is 1/10 scale, then its hull speed is 1.3 * squareroot 2.8 which is 2.18 knots to mimic the big boat performance.
Displacement scales as a cubic function, so the 1/10 scale model has a displacement of 1/10 * 1/10 * 1/10 = 1/1000 of the big boat.
The result is that, with the model going at max hull speed (2.18 knots), it will require propulsive power of 120HP/1000 = 0.12 HP, or 90 watts, assuming equal propulsive efficiency for both the big boat and the model. This condition of the model mimics the big boat that requires 120 HP to make 6.9 knots, equal speed-length ratio for both the big boat and the model.
These numbers are for displacement type hulls, for planing type boats the functions are different.