I'm having problems with the "location parameter" in the panel schedule template. The parameter doesn't reference correctly, and there doesn't seem to be a way to update it if the space name should change. I've attached a screen capture of the panel schedule template.
When you are in the panel schedule, I believe there is a button to "Update Names". Either click in the cell that has the location and select "Update Names" or just select "Update Names". I believe that is going to do what you need.
You cannot select the location when in the "edit panel schedule" and update the "location" parameter the same way you can update names in the cells.
Whenever a change is made to a panelboard, the schedule is updated to reflect that change. This includes, of course, modifying any of the parameters, adding a circuit, and so on. However, when the Space Name is changed, Revit does not register any actual change to the panel, even though the location data was indirectly modified. So, in order to "refresh" the schedule, you have to make some sort of change so that Revit sees a reason to regenerate the data.
Some possible methods:
I would definitely call this a bug.
***TESTED IN REVIT MEP 2012***