Good question!
For the several decades that the late Rabbi Menachem Mendel Schneurson zt'l, the 7th Lubavitcher Rebbe, held that title, he was simply "the rebbe"; his deceased father-in-law, Rabbi Yosef Yitzchak Schneurson zt'l, was "der friedeger rebbe" (the previous rebbe).
Had an eighth Lubavitcher Rebbe been named, this would have been much simpler: he would have taken the title "the rebbe", and some other term would have been used for Rabbi Menachem Mendel. (The same last name between the 6th and 7th rebbes makes this all the more confusing.) But there hasn't been a Lubavitcher Rebbe since.
In subjects intended for broader audiences, I'd probably spell it out, as I've done above:
Rabbi Menachem Mendel Schneurson zt'l, the late seventh rebbe of Lubavitch.
Or something like that. But if you need a quick reference in conversation, I don't think we have a good convention like {the rebbe, der friedeger rebbe, the rebbe rashab, der alter rebbe}. "The rebbe menachem mendel" sounds diminutive." "Rabbi Schneurson" is ambiguous.
Does anyone have a better answer for this one?