This dinosaur is named after the Greek mythological figure Aeolus, Keeper of the Winds in Homer's Odyssey, because of the frequent winds that blow across Patagonia, where the remains were found. The generic name also includes the Greek sauros ('lizard'), the traditional suffix used in dinosaur names. The specific name (A. rionegrinus), refers to its location, in the Rio Negro Province of Argentina. Both genus and species were named and described by Argentine paleontologist Jaime Powell in 1987.