I googled for some photos http://forums.se-nse.net/index.php?act=Print&client=printer&f=62&t=18193 and it would appear that infrared would best be represented by a red-white color. However you would have to fit models with an infrared color map and considering there is probably no tools for that(more than 3 colors and alpha channel) one would rather go with a parameter for each model that tells how "hot" it is.
There are a couple of ways I can see infravision being represented visually, aside from the standard blue/red/white (which realistically is monochromatic, ie black/white). The first is the way Kodak handled its infrared slide film (discontinued now I think): infrared is mapped to red, red is mapped to green, green is mapped to blue, and blue is dropped altogether; this produces a false-color image. Essentially the sensitivity spectrum is shifted to the left. The second way I can think of (that doesn't involve false colors or more than 3 color channels) is to convert the RGB (red, green, blue) triplet to HSB (hue, saturation, brightness), and use the infrared component to determine brightness. So the colors remain true, and their brightness is determined by infrared reflectance/radiation.
Of course, if we can switch between infravision and normal vision then the complicated schemes outlined above can be discarded, and just use the "traditional" red/white schema.
EDIT: It seems to me that, however it gets implemented, having an actual distinction between infravision and night-vision would require support for the following in textures:
An ir-reflectance channel. Measure of how much infrared radiation is reflected by the surface. Similar to current red, green, blue channels, only visible with a light source already in place. Means that light sources would also need to be configured to "generate" ir light, not just visible.
ir-radiation. Measure of how much infrared energy is actually radiated by the object. This would allow infravision-equipped characters to see even in total darkness (something night-vision-equipped races shouldn't be able to do), if there's something that's hotter/colder than the environment. Mostly useful for seeing living or recently living objects, it would be difficult to actually make your way with this, since in most places the ground, walls, and air have pretty similar temperatures. It would be like walking through a heavy fog.
Optionally, you could also have ir-transmit, for objects that are transparent to infrared. Gives you the ability to see through some walls, essentially, but only if coded as such by the devs.
This is, of course, all the speculation of one non-programmer. I'm quite aware that implementing the above would be quite difficult, since it involves code for which I'm pretty sure libraries aren't readily available, at least under a unified system that considers (human-) visible as well as non-visible radiation. And this is for a
physically realistic rendition of infravision, and realism isn't always a priority, often taking a backseat to enjoyment and coding constraints.