This is a tricky question, as it depends often on what's above the soil (the vegetation) and the climate (how fast it decomposes). We have currently a research project ongoing on this topic in southern Nepal. We suspect that deriving above ground biomass indicators, combined with climatic conditions can be used to estimate at least the current stocks. The sequestration would be the following step. If you get any new insights, I would certainly be interested to discuss further.
This technical tool is not perfect at all. It can be considered only a rough estimation. Satellite image, when the vegetation is not a problem, gives you only the SOC contents at the soil surface. Then, you need to control the SOC distribution in depth and so on....
If you have done a good soil survey of the area you can combine data to get good results; but if you do not know the soil characteristics of the area, your estimation is far from the real situation.
Is there any model for estimate soil carbon sequestration or carbon sequestration through satellite image? And I have found paper which using SEBAL model and CASA model for assessment of Carbon sequestration..
There might be at least partly an answer in this paper: http://link.springer.com/article/10.1007%2Fs11273-012-9252-8. However, I agree that it is definitely complicated to estimate below ground carbon.