I ended up with the following solution which worked perfectly. Plnkr
By setting a variable in the inner ng-repeat I was able to evaluate ng-show based on this variables length like so :
<input ng-model="searchText"/>
<span ng-show='filtered.length > 0'>
<ul>
<li ng-repeat="el in filtered = (model | filter:searchText)">
<div>{{el.label}}</div>
</li>
</ul>
</span>