How will Altera ModelSim recognise RAM blocks

I don't think that ModelSim must "recognize" the RAM block. It will model the functional behaviour defined in your code whatever it is, being synthesizable or not. Most likely it will be shown as memory object.

The more interesting question is, if your RAM code will be recognized (inferred) by Quartus, which can be read from the compilation report.

You can by the way, still simulate the code in recent Quartus versions using Qsim. And you can perform a gate level simulation of the synthesized code.