Assuming you're not interested in the color of the actual string, but markers. Use plotin conjunction with scatter.
Provide the following sample data:
t = 0:pi/20:2*pi;
x = sin(t);
y = cos(t);
z = t;
plot3(x,y,z);

Built in a 2D plane:
plot(x,y); hold on
scatter(x,y,300,z); hold off
leads to:

: , , scatter, , .
, MATLAB Central, , .
surface([x;x],[y;y],zeros(2,length(t)),[z;z],'EdgeColor','flat',...
'Marker','o','MarkerSize',10,'MarkerFaceColor','flat');

, z, , scatter:
surface([x;x],[y;y],zeros(2,length(t)),[z;z],'EdgeColor','flat'); hold on
MarkerSize = round(z*1000)+1;
scatter(x,y,MarkerSize,z,'.','MarkerFaceColor','auto'); hold off

z . patch.