The name "Palestine" actually has a Hebrew origin and refers to the Holy Land, or the area between the Jordan River and the Mediterranean Sea--IOW, what we currently call Israel. The so-called "Palestinians" are more correctly referred to as Arabs living in Palestine.
The Arabs have appropriated this name pretty much like socialists stole the term "liberal" for themselves. "Liberal" used to mean a person who believes in freedom through limited government--the exact opposite of a socialist.