I sort of like the "Random Name" option. Though, of course, I try and give some systematics to that; more powerful words imply more powerful spells, so, for example, for fire spells, it'd be something like this in terms of names VS. power:

Fire I - Sear
Fire II - Blaze
Fire III - Immolation

Technichally, if you can see how much each spell costs in terms of MP, it's easier to sort them out. Or, you can just put systematic icons before each spell name. That also helps.