This command works only for addresses you own. It furthermore doesn’t return what you want. getreceivedbyaddress returns the total amount of coins that were ever received by the address. Furthermore it is unsafe to trace the balance of an address because of change addresses.
What you would need are watch-only addresses. Then you can call "setaccount " and afterwards retrieve the balance through getbalance. However, I don’t know if watch-only addresses are on the development roadmap right now.
So currently the only way I see is to make a blocknotify that checks if the address is involved in one of the transactions of the block and updates the balance accordingly.