How to change the Output Device Name?(or, "They are NOT headphones")

I am using a Sherwood receiver as the audio output device for my iMac. It is connected to the headphone port through a stereo Y cable (1/4" minijack to 2 RCA Red/White Phono Jacks). In the System Preference/Sound pane output section under name it reads Headphones and under type it read Headphone Port.
That is not accurate though. It would be accurate if it read External Speakers under name and Headphone Port under type.

I can't seem to find a way to change the name of the sound output device, headphones seems to be the only option. Could someone offer me a tip on how to get the External Speakers displayed as the name?

If you have an answer, than I thank you one million times, and say matzel tov!