This parameter is a feature set. In modelbuilder you'll either need to create a new variable (of type feature set) and connect it to the tool, or expose the parameter you want from the tool and then switch it to a feature set.
To get the desired behavior (4 options to chose from) like the above screen shot you'll first need to build a good feature template.
You can use an existing featureclass or build a new one. In the above example, a new featureclass was created and the feature template was setup with a field and 4 valid attributes representing the time. A different symbol was attached to each. With the feature template created, this featurelayer was provided as the schema to the feature set inside Modelbuilder.
When you open the model tool, you get the same experience as the feature template. This includes the default values , which is how this model really works. The default value for each of the time features you create gets will be used by the next tool in the model (select by attribute). In short, this particular example of using a feature set is doing double duty: it provides both a location for select by location, as well as an attribute for select by attribute. Its combining 2 steps into 1.