I'd recommend starting with NFPA 70-2005 Article 408.4, i.e., National Electrical Code. Here's what it says:
"408.4 Circuit Directory or Circuit Identification
Every circuit and circuit modification shall be legibly identified as to its clear, evident, and specific purpose or use. The identification shall include sufficient detail to allow each circuit to be distinguished from all others. The identification shall be included in a circuit directory that is located on the face or inside of the panel door in the case of a panelboard, and located at each switch on a switchboard."
There are similar requirements in OSHA. You can also inquire with the local electrical inspector, i.e., as to specific requirements in the local codes/jurisdiction. Most are happy to provide guidance as to applicable codes & standards.
Being an industrial plant, I would recommend being as detailed as possible.
f.ex. "water pump" would suffice for an residential panel. Whereas, an industrial facility typically needs more definition for clarification, i.e., "VSD water pump #4 - Process Line 3" would help the plant personnel.
As you can see from the wording in Article 408.4, it's pretty subjective.
Al