The alien was called Station thanks to the writers getting drunk and having a crazy moment with a typo.
"Station started as a typo.
"We deleted a scene (INT. POLICE STATION) & somehow 'STATION' was left
dangling. We were so crazily punch drunk we started saying
'Staaaaaation, Stayyyyyshuuuunnnnn Stayyyyyyyyshun..' in a tinny
Bill & Ted writer explains why Bogus Journey's alien was called Station
Prior to learning about the alien's name origins, I took 'station' to be a cultural term, like 'cool' or 'awesome' or 'bear good', with the alien just being named after this phrase of awesomenisitude. Given I'd never heard it before, I thought it was the writers trying to introduce this word, and that might still be the case.
Thus in answer to the question, "are the two linked," with the knowledge the name was a mistake, use of the word 'station' throughout the movie, and the alien's name, are unrelated. The alien's name could and should have been something else, with 'station' still used as street slang (whether originating outside or inside the movie).