A related list is created when a lookup relationship connects one object (child) to another (parent). The label of this related list is defined within the lookup field configuration.
To rename the related list, you must update the Related List Label on the lookup relationship field that links the two objects.
The related list label is controlled by the lookup relationship field on the child object. Updating this field will change how the related list appears on the parent record page.
The updated label will now appear on the parent object’s related list.
Standard Lookups in Salesforce
Tips for Using Standard and Enhanced Lookups
Salesforce Support Video: Change Related Lists Name on Page Layout
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