User blog comment:Takeshi kun21/What is your Name?: Guide to Naming Your RWBY OC/@comment-27381434-20160816013326/@comment-8182065-20160816051455

Team names, there isn't a guide for one, but generally you can follow the same ruling for character names.

I'd say for teams, the only thing that has to be thought about is who's going to be the leader, since so far we've seen a theme where the first letter in the team acronym usually ends up in charge no matter how inexperienced they may be commpared to the others (Jaune leading Team JNPR, even though he's a complete newb and Pyrrha was the best overall fighter). Once you figure that out, the other three letters can be arranged in any way whatsoever.

Thanks for bringing this question up, adds another portion to expand upon. :)