Jim,
ASME Y14.100 has a pretty good explanation and recommendation on naming conventions for drawings, which could be applied to parts as well. Essentially, they suggest that you start as generic as possible without being too vague and proceed to be more specific as the description continues. For example, a #10-32 socket head cap screw that is 1.5" long and made of 316 stainless steel might be named: SCREW,SOCKET HEAD CAP,#10-32x1.5" LONG,316 STAINLESS STEEL. Or, with some abbreviations: SHCS,#10-32x1.5",316 SSTL.