It is not possible, it takes the name of the folder you want to protect.
Doing it any other way would just confuse most of the users.
However, if you want to invest some time into this, then there is a way to do it.
Say you want to protect folder "secret", but want to have it listed in Espionage as "not secret".
First, rename the folder to "not secret", add it to Espionage.
Now lock it, rename it in the Finder back to "secret", in Espionage an error will appear that the mountpoint is missing.
Click on small "i" near the folder name, and in the mountpoint drop down menu, select the "secret" folder as mount point.
I hope this helps,
Zsolt