I recently experimented with the bracketsAlwaysShowShipText=1 setting in the prefs.ini and I really like how much more easily you can see other players.
Currently it’s not accessible from the in-game settings, but it’s something I’d really like to see being added to the game in a proper manner! Initially my hope was to use it when doing missions so I was disappointed to find out the custom label settings don’t apply to NPCs.
Some ideas to make it more user-friendly and to prevent clutter: There should be a toggle option and some optional display condtions like distance, ship class and maybe current standing. And another thing, please let us customize the labels for NPCs as well!