Could you please specify the exact name of the terminal program that shows "ELTIMA virtual serial port" message? Since Eltima is not mentioned on the screenshot you provided, virtual serial ports names will not be changed even if you perform rename operation.
I kindly ask you to test the ports renaming feature using the following command line:
Vspdxp_install.exe /c "FE50Eltima Software Virtual Serial Port"
NOTE: the code (4 symbols) uniquely correspond to the custom name (in this case - "Eltima Software Virtual Serial Port"). If you execute this command with any other four digits or name, the ports name will be set to default (Eltima Virtual Serial Port).