Till this article is published, SAP have not create any options for us to rename the SAP output device directly. Meaning say, you need to create a new output device and with the same copy of the old output device. You can achieved this as following,
1. Execute transaction code SPAD. From the top menu, click on Configuration > Output Devices.
2. Switch to change mode. Highlight the output device, and from the top menu, choose Output Device > Create using template.