Mohammed Sarul Islam believes changing the name would generate publicity and act as a memorial.
The former Cardiff councillor has put forward a petition calling on the Welsh Government to change the name.
Assembly members will consider the petition, which gathered 16 signatures, on Tuesday
A petition needs a minimum of 10 signatures to be discussed by the Assembly Petitions Committee, under current assembly rules.
Mr Sarul Islam, president of the Commonwealth Business and Investment Council for Wales, said rebranding the airport with such a well-known name would attract international customers.
It is not the first time calls have been made to rename the airport, bought by the Welsh Government for Â£52m in 2013.
Previous suggestions include rebranding it the Robert Owen International Airport of Wales - after the Welsh pioneer of the Cooperative Movement - and Dylan Thomas International Airport Cardiff.
Renaming Cardiff Airport in memory of Princess Diana would boost international recognition, a former councillor has said.