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You get the medals from the race events found around the map.

The times are fairly tight but there's a few things you can do to save some time:
- Tapping RS down has the same effect as the previous game, essentially by doing this you can make your landings easier and when going over small hills where you would normally take some airtime, you can tap RS to stay grounded and keep gaining speed. This helps.. a lot!
- You don't need to be alive to finish, and the timer stops as soon as you crash, meaning if you crash somewhere and manage to propel yourself over the finish line you can save off a lot of time, check my Burby Peaks clip in the video below to see it in action, it saves almost 2s off the times I was usually getting.
- Riding normally (without holding RS down), is generally faster. Realistically you never want to be holding RS down unless you're doing a jump, use the tapping method instead for turns.

Here's my video of all 4 Rainbow Medals in the Snowy Peaks.