Is it OK if a letter of recommendation misstates the name of my degree? I am applying for a graduate degree program.

In a letter of recommendation, my professor misstated my MS in Telecommunication Networks as an MS in Telecommunication.

Can this be an issue?
No.  The committee will want to know what your reference can tell them about you, not so much whether they can pass a pop quiz on the exact name of the program you're trying to get into.