I struggled with this, because there are many ways that a given song by a given artist can be recorded multiple times: Alternate version, alternate take, later remake, album version vs. single version, long version vs. short version, live version (maybe several different live versions), etc, etc.
I created a custom field RecVer -- Recording Version. In my views it is right next to the Name field. If I have two or more versions of a song title ("Name") I add something to RecVer. My convention is all-caps, no spaces, so it might be VER1, VER2 or ALT1, or LIVE or LiVE1, LIVE2, LIVE3 or REMAKE or LONG, SHORT, or whatever. I try to use consistent terms though that's not absolutely necessary.
One benefit is that I can build or sort a view based on Name and all recordings of the song will be grouped together, whether they are live or alternate takes or whatever. That makes sense because they are the same song. If the Name values had parentheses or other junk added, they wouldn't be seen as the same song. Separating Recording Version from song Name gets rid of the problem (basic database design says to not mix different types of data in one field).
But... There can be a problem renaming files if the formula includes Name because multiple tracks will have the same Name value. I don't want to leave it to MC to handle this, because it only does in some situations. So my Rename formula appends the RecVer value, if not blank, to the name. If I have given a different RecVer value to each version of a track that has the same Name, the files will always have unique names, an important goal. (I always rename to be unique rather than relying solely on folders.)