It’s not rocket science, but it may not be obvious that you can change the names of your iTunes Radio stations. You can change the names of any stations that you add to the My Stations section of iTunes Radio.
Click on a station’s artwork to expand it; you’ll see things like your listening history, and a “tuning” slider. Just above that slider, you’ll see the name of the station. Click on the name, and it will highlight. Type a new name, then press Return.
The name will change on your computer, but also on any iOS devices using the same account.
You can also change the name of an iTunes Radio station from an iOS device. Tap on Music, then Radio. In the My Stations section, tap on Edit. Tap on the name of a station, then tap in the field that says Station Name. Type a new name, or edit the existing name.
Below you can see the interface in iTunes (left) and on iOS (right):
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