Basic Trope: Making awe-inspiring names by taking short, evocative term and Capitalize it.
Straight: In Heroes of Troperia, the Functional Magic is called the Way and those who perform it are called, appropriately enough, the Striders.
Exaggerated: The Way is divided by elemental paths, each of which Capitalized: Flame, Flow, Breeze, Soil. The performers are called the Burnt, the Swept, the Blown, and the Entombed, respectively. And let's not get into those who combine 2 or 3 elements...
Justified: Magic works according to the Words that express them, called the Spell. Using complicated names when casting Spells makes the magic harder to control.
Inverted: The magic has unnecessarily long, impressive, and tongue-twisting name.
Lampshaded: "So, there is the way and there is The Way?"
Deconstructed: Since the "Way" or the "Arts" is such a catch-all term, it's easy to associate things that aren't magic into it, usually for unscrupulous purposes; i.e. to scam those who aren't performers of the Way.
Reconstructed: The "Way" or the "Arts" evolves as it gives the touch of magic to things that people associate with it.