Radiation damage works as follows:
10 Rads = 1% of MaxHP
1000 Rads = 100% of MaxHP = Death
Weapons that do Radiation Damage will always have 2 damage values. The base damage of the weapon, and the "bonus* Radiation Damage. However, when you strike an enemy, only one of the two damages will be applied, whichever is higher.
Note
The Gamma Gun is listed as having 110 damage "pure" radiation damage, but this is a lie. 100 of the damage is Radiation Damage, and the other 10 is "physical damage". They are two separate sources.
Here are examples of how damage is applied in game:
Legendary Irradiated Combat Knife: 15 Physical Damage / 50 Radiation Damage
50 Radiation Damage = 5% of MaxHP in damage.
If the enemy has 100 HP, then that 50 Radiation Damage would do only 5 damage.
15 Physical > 5 Radiation, so ONLY the 15 Physical Damage will be applied because it is higher.
Now, let's say the enemy has 1000 MaxHP.
50 Radiation Damage = 50 Damage
Now, if you strike this enemy with your knife, they will receive 50 Damage, and the 15 Physical will not be applied because the Radiation Damage on the combat knife is higher.
So in conclusion, only ONE or the OTHER will be applied. Not both.
This has all been confirmed 100% through extensive in-game testing along with console commands.