Source : Renaming a workspace?
Yes, you can just rename the workspace
directory and/or move it. However, you
then have to tell Eclipse where the
new workspace is. In 3.1, you can use
‘switch workspace’ to launch in a
different location (under the File
menu).If you want to change it by hand, you
can edit the appropriate entries in
the files in the ‘configuration’
directory where Eclipse is stored.
You can change the
org.eclipse.ui.ide.prefs file to set
SHOW_WORKSPACE_SELECTION_DIALOG=true
if you want to be asked each time
Eclipse is run where the workspace is.