The path to the files has been changed in 3.7. You will find the "en-gb.com_mycomponent.sys.ini" and "en-gb.com_mycomponent.ini" now under administrator/components/com_mycomponent/language/. There you can change the strings which are used by the component and for example, easily change the name shown in the menu of joomla.
COM_MYCOMPONENT="Your Component Name"
COM_MYCOMPONENT_COMPONENT_LABEL="Your Component Name"
COM_MYCOMPONENT_TITLE="Your Component Name"
etc.
