The internally used rule is actually [Album Artist (auto)] - [Album] so that it can work correctly also with various artists albums.
I think plain [Album] would be insufficient. MC would overwrite the cover art image each time an identically named album already exists.
For example, my collection has 45 "Greatest Hits", 16 "The Best Of", 7 "The Ultimate Collection", 6 "Live", 5 "The Essential", 4 "Gold" albums and lots of other instances with two or three identical album names. For searching the duplicate album names I used the following rule in the search box:
-[Album]=[] -[Artist]=[] [Track #]=1 [Disc #]=<2 ~dup=[Album] ~nodup=[Album Artist /(auto/)]
It returned 192 album duplicates in my library.
Oh, and to answer your question - no, it isn't currently possible to change the automatic naming rule. However, MC does not limit the used filename and/or the image file's location when you add a cover art link by hand.