Choose anything up to 16 characters long, no spaces. Provided that it doesn’t clash with an existing name you can have what you like.
Most people choose names that contain an acronym of the major locations on the route or that describe the project, or use the ELR, and give the year. Examples are XRail09 (for Crossrail), RBEPP12 (Reading, Bath, Exeter, Plymouth, Penzance), DCL_2015 (Didcot to Wolverhampton).
It helps to have something you can pronounce easily – you’ll get fed up referring to WDFJSA2014 after a while.
As indicated above, when you choose a name we make sure that it’s not been used before so that you are assured that each grid has a unique identifier. The exception to that is if you come across a SnakeGrid that has the prefix LOC, followed by the name. This is a SnakeGrid LOCAL, and therefore generated by a user and not by us – hence we can’t guarantee that the name is unique.