We do not currently know of any synonyms for Theravada.
The proper noun Theravada is defined as:
A sect of Buddhism, whose teachings are based on Buddha's scriptures in the Pali canon, widely practised in Southeast Asia, mainly in Sri Lanka, Thailand, Laos and Cambodia. It tends to be conservative in contrast to the more liberal Mahayana, rejects the existence of gods, and teaches non-universal salvation.