Different from Windows 7, there isn’t an efficient way to manage Network Locations in Windows 8.1.
This problem can sometimes be quite annoying. For example, there may be an increasing number after your network name such as “My Network 2”, “My Network 3″… However you usually won’t use the legacy profiles once again so the storage of the configurations just becomes redundant.

I finally found the solution at Microsoft Technet, it’s quite easy and I’ll just do a memo here.

1. Run Registry Editor. (press Windows button + R, type regedit, click OK)
2. Go to this folder: HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows NT\CurrentVersion\NetworkList\Profiles.

The Profiles folder will eventually give you all the network locations (past or recent) that you have used. Each network location is represented by a subfolder.

If you want to set up again the network locations when the network adapter connects to the network, delete all the subfolders of Profiles folder.

If you want to rename the network location, click on the right subfolder and edit the key named ProfileName and input the name you desire for the network location.

Thank Shiva Sharma for sharing.