Efficient modeling of the Richtmyer-Meshkov instability (RMI) is essential to many engineering tasks, including high-speed combustion and drive and capsule geometry optimization in Inertial Confinement Fusion (ICF). In the latter, RMI causes the ablator and fuel to mix, introducing cold spots into the fuel and lowering performance; controlling RMI is thus a core ICF design concern. In this work, we introduce a reduced-order model for two-dimensional RMI based on the Latent Space Dynamics Identification (LaSDI) algorithm. We demonstrate the efficacy of the proposed methodology in efficiently parametrizing the solution space over a high-dimensional parameter vector consisting of material EOS parameters and initial conditions known to affect RMI growth rates. Using only late-time partial observations of the dynamics, we use our framework to not only provide a highly efficient dynamic surrogate model, but to reveal that the RMI exhibits the structure of a surprisingly low-dimensional and linear dynamical system, into the nonlinear growth regime, after a suitable nonlinear transformation is applied to the material interface, which we approximate as a trained autoencoder. Our use of practical observables and fundamental parameters suggests that such ROMs may be useful for downstream engineering tasks which confront the RMI, while the low-dimensional representation suggests a new direction for theoretical work.