Hi Steve,
There are many ways modelers arrive at a name for their layout. For freelancers its a snap. The layout can take on the name of the fictional railroad. Were I just modeling my own freelance I could call my layout the Kingsport & Western.
I originaly modelled the Penn Central though and still do. I never really named my layout when it was just a Penn Central theme. One way modelers name a layout with a prototype theme is to call it the "_____ Division" of that railroad. If you like to name if after a real division that's great or you can come up with a fictional name of your choosing. I loosely intended my layout to be like the Penn Central River Division but its so "loosely" that I didn't want to call it that. I could call it the "New River Dvision"or something like that if I wanted.
Many modelers name their layout after cities served by their railroad. These, of coure,can be real city names or some you've invented. My Kingsport & Western is fictional but I made up the name Kingsport because I wanted something similar to Kingston (a town in NY near where I grew up that was a divison mid point for the PC).
Other modelers use geographical features such as State names (Virginina & Ohio), rivers (Delaware & Hudson), mountains (Catskill Mountain Line), etc.
Have some fun writing down a bunch of possibilities and permutations on a piece of paper and go with the one that sounds best to you!
Best wishes!
Ralph