Coming up with a character's name can be pretty tricky but fun.
-As for me, determining the prime word first - for instance my OC: Inkwell Oeuvre. Since ponies' names are usually quite obvious to what they do or reflects their personality, hence I started with either the word 'book' or 'author'
-Use thesaurus or Oxford dictionary - providing me with theses several words; octavo, fictive, oeuvre, codex, lexicon, tome, vade mecum, etc.
-Choosing which one I like the most - my choice lies on 'Oeuvre' giving my OC a European name-ish, similar to Fleur De Lis
-Then do some research in the forums, and Inkwell rhymes rather nicely with Oeuvre.
Kinda bit lengthy procedure but I'm happy with it.