"Anne, Queen of Great Britain is the Queen Anne for whom the plant is named. It is so called because the inflorescence resembles lace, prominent in fine clothing of the day; the red flower in the center is said to represent a droplet of blood where Queen Anne pricked herself with a needle when she was making the lace." -- Wikepedia
The idea that Anne pricked herself with a needle making the lace strikes me as pure fiction. Still, it's a great story and only serves to further convince me to keep on calling this plant Queen Anne's Lace. :-)