It's the second time the Jedi have been named in a Star Wars film title, but also the third time the title "The Last Jedi" has been used for a story. In 1981, Mike W. Barr and Walt Simonson created a standalone story titled "The Last Jedi" for Marvel's Star Wars ongoing comic book title. During this issue, Luke Skywalker found a Force sensitive male Velmoc named Jedidiah that rebuffed an offer during the Old Republic to be trained as a Jedi Knight.
In 2013, Del Ray published a novel by Michael Reaves and Maya Kaathryn Bohnhoff titled The Last Jedi. The Last Jedi novel was set between Revenge of the Sith and A New Hope, following Jedi Jax Pavan and a droid, I-5, being chased by Darth Vader as part of Emperor Palpatine's Order 66.
As for the red coloring to the Star Wars: The Last Jedi movie title, it is striking compared to the usual yelow coloration, but not the first; both Star Wars: Revenge of the Sith and Star Wars: Return of the Jedi used red text, as did several other projects over the years.
Star Wars: The Last Jedi is scheduled to be released December 15.