You can use the html binding.
JS:
function AppViewModel() {
this.firstName = "Bert<br\>Test";
this.lastName = "Bertington";
}
// Activates knockout.js
ko.applyBindings(new AppViewModel());
View :
<p>First name: <strong data-bind="html: firstName">todo</strong></p>
<p>Last name: <strong>todo</strong></p>