Aka-chan pretty much got it.
I just wanted to add a bit more info:
First character 'ming' - carries the concept of 'inscribe', 'engrave' or 'unforgettably'.
Second character 'ye' - means 'father' or 'grandfather'. But it's almost always used in the context of 'grandfather'.
I guess it can be interpreted as "in memory of my father, forever" - though I am not sure if this is what native Chinese speakers would have written to express that.
To me, it would seem that more characters would have been required to convey such a meaning, unless you were writing ancient Chinese.
The dictionary I used is:
http://www.yellowbridge.com/language/chinese-dictionary.php
Cheers.