There are a set of formal rules that govern the proper way to name and describe new species that is put forward by the International Commission on Zoological Nomenclature (ICZN). When species descriptions are being written, however, and it comes time to formulate a species or genus name, there are a number of things that can be done. One common thing to do is name a species after a someone. Typically this is someone who has put in a lot of effort to the biology of those organisms, a friend or family of those describing the species, etc., If the species name ends in an "i", this typically indicates that the species was named after a male of that name. As an example, "fischeri" is named for a man named Fischer. If the species name ends in an "ae", it is named after a woman. As an example, "feae" is named for a woman named Fe. Another example of how species are named is after the location they come from. As an example, "uluguruensis" is named for the Uluguru Mountains for which the species originates. Another way species are named is as a description. As an example, "melanocephalum" means black head in latin. There are various other ways species names can be created. Kinyongia stems from the Swahili name for chameleon "Kinyonga".
Hope that helps,
Chris
