Anyone know the etymology of the words and whether they are related?

It appears that "Namesti" means "Square" or other prominent public gathering place in Prague, for instance, "Staromestske namesti" for "Old Old Town Square", or "Vaclavske namesti" for "Wenceslas Square", or "Namesti Republiky" for "Prague Metro Stations".

It is insightful of you to connect "Namesti" with the Hindu greeting "Namaste", but the connection is probably coincidental.