Seems like you got a handle on it. Your doing about exactly what I am with just a few modifications.
Here is my example from a DVD to a Receiver

VD:
RCA - AUDIO - ANALOG_LR
RCA - VIDEO - COMPONENT_RGB
RCA - AUDIO - DIGITAL COAX
TOSLINK - AUDIO - DIGITAL OPT
RCA - VIDEO - COMPOSITE
SVID - VIDEO - S-VIDEO
:REVEIVER:
RCA - ANALOG - DVD
RCA - COMPONENT - DVD
SVID - S-VIDEO - DVD
RCA - DIGITAL - COAXIAL (text assignment to DVD)
I try to keep these tags universal. Whenever a receiver has pre-assigned i/os to a component, I will use those names (ie: Marantz). But when you get a receiver with the i/o's numbered (ie: Lexicon) I will number them as they state on the receiver and will use a visio text box and assign them components, such as you must do when setting up the component.
There really is no wrong way to go about it, unless you have erroneous i/os, but put yourself in an installers perspective when connecting a device. They associate the signal connector and the name of the i/o. From experience, the easiest is to keep it simple and standardize the naming convention.