The name Falcon evokes thoughts of speed. The Falcon is the fastest bird on the planet. Grace and elegance also go with the name. Have you ever seen a Falcon (the bird) sitting on a tree, a pole, or diving in air for its next meal? Grace, elegance and speed are attributes of the Falcon. Our Falcons (the vehicles) have many of the same attributes.
Where did Ford get the idea of the name FALCON? Well, I've read about two different sources for the name.
According to the book by Phil Cottril, The Ford Falcon, the FALCON name was used on early prototypes of the new-sized Ford. Other names used on early prototypes were Cougar, Valkaire, Lavion, Astrion, and Debonaire.
Supposedly, lists of bird names were searched and FALCON was selected. However, the Chrysler Corporation had previously used the FALCON name on an earlier experimental car and owned the rights to the name. Henry Ford II reportedly made a few selected calls to Chrysler management and secured the rights to the FALCON namesake.
Another story about the name is told in Ray Miller's book, Falcon! The New-Size Ford. This version indicates that Chrysler and Ford were unaware that each company was considering the FALCON name. Both companies independently settled on the name, but the Ford Company registered the name 20 minutes before Chrysler. Whether Chrysler would have ever used the FALCON name is unknown.
So, there you go, two versions about how the FALCON received its name.
I wonder if the FALCON would have had the same impact if it was named the Valkaire? I doubt it.