Presumably its "valve float". This is when the valve spring/mass system hits resonance, and no longer operates in conjunction with the cam. "Big Detroit V8s", as you call them, are usually pushrod systems, which means there is more mass, hence the lower resonant frequency (which is usually the determined redline). The "European V12s" usually are DOHC, which have the cam touching the valve (or a hydraulic lifter) directly--so less mass and a higher redline.
There's no easy "swap", I don't think. You MIGHT could put stiffer valve springs in... but I'm willing to bet this has been tried by the manufacturer. It also places higher loads on the valvetrain as a whole.
Just FYI, Formula 1 went to electro-pneumatic systems to get past this point--a little diaphragm is moved with compressed air as opposed to a traditional cam. Of course, CART is routinely hitting 14K rpm with conventional DOHC engines.... but with pretty sophisticated interference-type nested valve springs (and super-light valves).