I often go to a random name generator and hit the button until I find something I am vaguely satisfied with, then edit the name until I like it. I fear that the setting will have a mixture of totally unrelated names doing it this way. Any suggestions?
The system I used was to decide on the regional sound I wanted names to have (IE, fench, spanish, norse...) and made some sound more prominent than others. I am not sure why I picked the ones I did, but I did. Generally, most of the names from one region make use of certain vowel structures and those from another a different one. My original names were, U, OU, and French sounding names for one region, and hard sounding names for another....Lots of K's and R's. But, I have expanded a lot since then.
I have used a random name generator at times, but usually I cant find anything I like on them. I am not sure of any name used by one that stuck.
Now, my characters and name sounds are pretty much established. I dont spend a lot of effort on names anymore.
Begin with working out the culture(s) of the characters and the area(s) they live in.
My main characters live on a fictional island in the Pacific that was a French colony. The island is located within the Polynesian part of the Pacific. Thus, the place names and characters have French, Polynesian (Tahitian and Maori) or a mix of both French and Polynesian names to reflect the dominant cultures of the island.
To find names for people I use baby-naming websites and look up common surnames within specific cultures. I do need to be culturally aware, though. For example, using the name Maui for a disreputeable character is a very bad idea in the Pacific region because Maui is the name of a demi-god revered in virtually all Pacific island cultures.
As for finding place names? Look around your part of the world. What did they name streets, villages, hills, valleys, rivers and other places after? In most cases places are named after those long forgotten to history, mythical figures and, more often than not, aren't named after anything or anyone important. Naming a stretch of water Blue River because a drunken sailor named John Blue drowned in it or a mountain range Green Hills because it's covered in green year round is perfectly fine. It's what happens in these places that matter. That's why we remember Oz, the Shire and Camelot.
Just don't get too clever, though. Here in New Zealand there's a hill called: Taumatawhakatangihangakoauauotamateaturipukakapikimaungahoronukupokaiwhenuakitanatahu. That is one word and it looks really cool on a road sign. Try reading that place name in one go and you'll find out why it's not a good name for use in a novel. In English it translates to "the summit where Tamatea, the man with the big knees, the slider, climber of mountains, the land-swallower who travelled about, played his flute to his loved one". The translation would put most readers to sleep.
I put a bit more effort than the saying implies but 'throw shit at a wall and hope it sticks' method works just fine for me.
At least when working on purely fictional characters / regions.
For more real life stuff, I look up common baby names in different cultures and go from that.