Israel is a combination of two Hebrew morphemes: "ysr" and "el".
"El" means god, and when added to "ysr" it translates as: "of god". However, "ysr" can have many meanings and below are some of them.
1) It might come from the root S.R.R. So this may mean "rule", "prince", thus the whole name means "he who rules with god" ("thy name shall be called no more Jacob, but Israel: for as a prince hast thou power with God and with men, and hast prevailed", Genesis 32:28 KJV).
2) It might come from the same root (S.R.R) in the meaning of "strive" or "struggle", thus it all means "he who struggles god", referring to the event in which his name was changed.
3) It might come from the root Y.SH.R, means "straight", "honest" or "righteous man", thus the name means "honest man of god", or something like that.
Hope I helped! :D
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