you know the pythagorean theorem? well that extends to as many dimensions as you need as long as the dimensions are orthogonal; just square them and add them up underneath that square root sign and you get your hypotenuse length. As it turns out, red green and blue, being primary colors, are orthogonal according to physics, so they fit the euclidian bill and the pythagorean theorem provides an easy and straightforward distance measure between two pixels defined by RGB tuples im gay
YCbCr is another color space that's more in line with how humans perceive images;
check it out on wikipedia, it's pretty straightforward. I'd be surprised if photoshop didn't have tools to work in that space, or a similar one. Working in that space (or similar) should make it easier to isolate certain sources of noise if you want to do segment-by-segment denoising
hell, I need to dig out my copy of photoshop so I can give more concrete answers about this stuff, I have a copy of CS6 around here somewhere