ISA S5.1 is best for process intrumentation tags. This is recognized in API RS 14C and other standards as the normal scheme. S5.1 is used internationally with a unit prefix, process related the first alpha such as F for Flow, P for Pressure, followed by function such as T for transmitter or V for valve, C for control, a loop number and various suffixes for parallel trains, duplicate units, etc. Plan assorted additional suffixes for internal programming signals based upon the field instrument tag.
John