Point Tarron was allegedly a specific place. In the time of the Clone Wars, during a Galactic Republic infiltration of the Citadel prison that was situated on Lola Sayu, Jedi General Obi-Wan Kenobi headed a team that included reprogrammed battle droids and tried to make their way to their shuttle located on the prison's landing pad. This attempt occurred after the astromech droid R2-D2 and the battle droids had successfully rescued them from their capture. OOM-10, the reprogrammed droid who was in charge, told the droids guarding the shuttle that they were moving their "prisoners" to Point Tarron, which he claimed was a Separatist outpost. This deception almost succeeded, but tactical droid K2-B4 tipped off the guard droids to the escape, which resulted in a battle on the landing platform and the eventual destruction of the shuttle.
According to the trivia guide for the episode "Counterattack", Point Tarron is entirely fictional. It states that Point Tarron was simply the name of the fake outpost they made up.