You could name a faerie just about anything, just try not to use common names. What works good is to make something up then add 'ia' to the end. ex: Cyntria. There is no actual formula to do it though. Another way to make one up is to use French, Navajo, etc. languages to spice it up.
Remember, there is no state-of-the-art way to do this.
Fairies are often named after the flower that they are dependent on: Goldenrod, peasbottom, buttercup, etc. To more particularily identify an individual 'incident' names are often affixed: apple blossom by windy tumbled, swamp lily of toad back fame, Yarrow white, while riding the bumble's back, etc.