Yes, you should be able to edit the name of the Module. Go to Modules and double click on the Module name you would like to edit. It will then highlight the name and you should be able to edit it.
As @aashca9 stated, the module name can be edited within the Modules section of the model settings. You can also make this change from within the blue print view of the module, double click the module name at the top left and edit as needed.
Be careful when changing a module name and ensure the new name is unique. If another module exists in the model with the same name, your model will lock-up, display the blue "toaster box", then produce an error message. This is typically only an issue on larger models that will remain in an error status for long periods of time locking you out of doing any work.
