My criteria for a good title (and my experience has been making a new track for a department...) is:
Widely understood with some level of Accuracy
Inside the company or outside the company, a listener should be able to understand what it is you do (mostly). There's always ambiguity, but for example:
- a manager has a staff
- an engineer has some responsibility in the creation of an engineering solution and a technical background,
- a computer engineer, software engineer, electrical engineer - have defined specialities and degree programs
- analysts are largely responsible for analyzing, interpreting and/or recommending
- auditors check stuff
Don't use common terms to mean uncommon things. Google for the terms and for any standard modifiers - Senior Quality Analyst, Principle Software Engineer - and get a sense of what the common definitions of the role are. Job hunting and salary comparison sites are great for this, as they give you a sense of common backrounds for a role, as well.
A good test is, introduce yourself and your title to a friend in the industry and a friend in the company - if you get utter confusion, change the title and try again. If you get an assumption that is totally wrong, try again.
Not overloaded within the company
It happens, but try to avoid being the "Analyst for Security Systems" when there is already a "Security Analyst". Or a "Member of the Technical Staff" when there is already a "Staff Member, Technical". It doesn't matter if the HR paperwork will let you, this is bound to cause confusion. Either figure out that you are the same role as the other description and join the names, or find a very different way of describing yourself.
To a search in HR to find company titles to get a sense of what's out there. Search the Intranet for your target title and see if it comes up.
Tells the relative experience/seniority in a consistent way
The relative nature of seniority is NOT consistent in the industry. Junior/nothing/Senior/Principal are a pretty common arrangement, but there can be other modifiers (Level I, II, III) within a range to accommodate the need for stratification in a company. And when a "engineer" becomes a "senior engineer" is highly variable. There may be a standard in your company or industry that is worth following. Politically and for clarity, it's good to stick with company norms, unless there is a reason not to. For example, if all engineers at senior level have 5+ years of experience, don't set your title at 3+ or 8+ years, unless there's a prevailing reason to.