I currently have a PHP CLI script using Zend Framework extensively which seems to be using a ever larger amount of memory as it runs. It loops through a large set of models
No. You are likely looking for memory that is not freed, e.g. you unlinked a variable or deleted a reference and the garbage collector did not yet release the associated block in memory.
You could try Zend Server 5 (you need the commercial version though) to mem-profile your application. It has code tracing. I dont know if this would allow you to spot memory leaks though.
Also see: