@drock1985
Yes, it's possible to rename devices and also customize icons etc.
See my post here:
http://forum.mysensors.org/topic/2388/home-assistant-how-to-recognize-mysensors-nodes/64
@Mufasa
Yes, you can make custom names and groups of your devices.
https://home-assistant.io/getting-started/devices/
Also read the blog post on customizing icons from version 0.8.