Instead of inheriting from SortedList, you should encapsulate it.  Make your class implement the same interfaces, in addition to INotifyCollectionChanged:
public class MySortedList<TKey, TValue> : IDictionary<TKey, TValue>, 
    ICollection<KeyValuePair<TKey, TValue>>, IEnumerable<KeyValuePair<TKey, TValue>>, 
    IDictionary, ICollection, IEnumerable, INotifyCollectionChanged
{
    private SortedList<TKey, TValue> internalList = new SortedList<TKey, TValue>();
    public void Add(TKey key, TValue value)
    {
        this.internalList.Add(key,value);
        // Do your change tracking
    }
    // ... implement other methods, just passing to internalList, plus adding your logic
}