Princess Zelda was named after Zelda Fitzgerald, the wife of American writer F. Scott Fitzgerald.

When asked about the name, Miyamoto said, "Zelda was the name of the wife of the famous novelist Francis Scott Fitzgerald. She was a famous and beautiful woman from all accounts, and I liked the sound of her name. So I took the liberty of using her name for the very first Zelda title."
Contributed by Petie