Well, you could try something fancy, but first I'd make sure that a "dumb" approach isn't fast enough.

#!/usr/bin/perl -w

use strict;

my %fieldDescs=(
    'ManagedSystem.Product',  'Product Code',
    'ManagedSystem.Status',   'Status',
    # and many more, in actuality loaded from your database
);

my %keywords=(
    EQ      => 'is equal to',
    OFFLINE => "'OFFLINE'",
    IF      => 'if',
    VALUE   => 'the value of',
    # And your other keywords
);

my $text="*IF *VALUE ManagedSystem.Product *EQ NT *AND *VALUE ManagedS
+ystem.Status *EQ '*OFFLINE'";

# Substitute *FOO for the equivalent from %keywords, if it exists
$text=~s/\*(\w+)\b/(exists $keywords{$1})?$keywords{$1}:$1/eg;

# Substitute any word for its description from fieldDescs, if the word
+s exists there
$text=~s/\b([A-Za-z_\.0-9]+)\b/(exists $fieldDescs{$1})?$fieldDescs{$1
+}:$1/eg;

print "New text is\n\t$text\n";
[download]

It's not algorithmically very advanced, and it will be somewhat slow, but it's mostly proportional to the number of words in your formulas, not the words in your Attribute names... It's worth a try.