Is this a correct sentence. If yes, does this convey the same meaning as "i cant remember its name"
It depends what you mean by "valid". Strictly speaking, "I can't remember the name to it", isn't what you would expect from a native English speaker, although the meaning is quite clear. We might say "I can't remember the name of it", which would be synonymous with "I can't remember its name". Note that there is no apostrophe required in the possessive pronoun"its".