From the various dyno curves that have been posted (
example), the Model S has 3 ranges of operation:
1. 0 to about 40 MPH: This is the constant high torque range. Power linearly increases with increasing motor RPM, applied motor current is maximum and constant. The limitations in this region are physical -- torque on reduction gears and axles, possibly motor current as well.
2. 40 to about 80 MPH: This is the constant power range. Power is at maximum and constant, torque begins to exponentially decrease along with current. Limitation in this region is a power limit, either in the inverter (AC side) or battery (discharge rate or discharge power).
3. > about 80 MPH, this range is voltage limited. Power begins to decrease as the inverter cannot raise the motor voltage any further to compensate for the back-EMF at high RPM. All parameters including power, torque, and current decrease. RPM still goes up, but at a slower and slower rate.
Given that the decrease in peak power proportional to the state of charge is occurring in range 2, I believe you have to conclude that the limitation is on the DC side. The inverter still has enough headroom to deliver more voltage (therefore more power) to the motor, but the software is stopping it from doing so. This means that either the inverter's elements are at maximum (which means they're probably heat limited), or the battery discharge rate is at maximum. But the inverter's limitations wouldn't change with the state of charge, so I conclude that the power limit must be on the DC side.
With that in mind, since the battery terminal voltage decreases approximately linearly with the state of charge, which matches the linearly decreasing power limits, we can conclude that the discharge current on the DC side is approximately constant across different states of charge, which to me indicates that is the limitation.