A novel technique is proposed for the analysis and modeling of timbre perception features, including a new terminology system for evaluating timbre in musical instruments. This database consists of 16 expert and novice evaluation terms, including five pairs with opposite polarity. In addition, a material library containing 72 samples (including 37 Chinese orchestral instruments, 11 Chinese minority instruments, and 24 Western orchestral instruments) and a 54-sample objective acoustic parameter set were developed as part of the study. The method of successive categories was applied to each term for subjective assessment. A mathematical model of timbre perception features (i.e., bright or dark, raspy or mellow, sharp or vigorous, coarse or pure, and hoarse or consonant) was then developed for the first time using linear regression, support vector regression, a neural network, and random forest algorithms. Experimental results showed the proposed model accurately predicted these attributes. Finally, an improved technique for 3D timbre space construction is proposed. Auditory perception attributes for this 3D timbre space were determined by analyzing the correlation between each spatial dimension and the 16 timbre evaluation terms.