Yeh it is. Heres your guide
1. If you check the translation thread, you'll find that the option is something like second in the options menu..
2. Then when you type in your name you need to click one of the options in japanese to turn on english characters. Once typed you now have your 'profile' you could say, a bit like madden.
3. When startign a game, when you go to the 'player setup' screen, if you press triangle i think it moves you into the middle section of the controller selection. Pressing right once or twice allows you to select the name you input as you the player.
4. et voila as some say, in game you now have you name above the player youre controlling! Bit irritating if you ask me tho...
Im thinkin this would be great for those mass-multiplayer games with about 4+ people each having their name above their players heads. how cool!
And combine that with the option for libero grande mode, where you just control one person - inspired gaming!