The solution I have found is to use $parse.
"Converts Angular expression into a function."
If anyone has a better one please add a new answer to the question!
Here is the example:
var the_string = 'life.meaning';
// Get the model
var model = $parse(the_string);
// Assigns a value to it
model.assign($scope, 42);
// Apply it to the scope
// $scope.$apply(); <- According to comments, this is no longer needed
console.log($scope.life.meaning); // logs 42