Jane Austen wrote Sense and Sensibility as a protest against the Romantic era and its emphasis of feelings over rational thought. Many Romantic authors and poets dramatized emotions, especially love, capturing individuals going so far as to die for the sake of love. Austen's book argues that using one's head in choosing a lover or marriage partner is far better than just simply letting your heart lead you astray. It also argues that remaining rational and calm even when one's heart has been broken is vital and letting love kill you is foolish. Hence, the word "sense" in the title refers the mind, to rational and logical thought, and even to perception. The word "sensibility" refers to emotionalism, especially to quickly responding and giving way to one's emotions.
Therefore, one alternative title that comes to mind which will still capture the meaning of Austen's novel is Wisdom of Mind, Folly of Heart, or an idea for a more modern-sounding title could be Cool Heads and Hot Hearts.