From what I saw during while being in Yeshiva for 10 yrs. the Rabbiem are happier when they are constantly called Rebbi.
I don't think they are looking for honor. They want you to honor the Torah.
The following is from the Yeshiva Website:
It seems from the Rambam that the source of speaking to someone in
third person out of respect is not a Halachah. In Hilchot Talmud
Torah, chapter 5 that discusses honoring the sages, he writes in
Halachah 5, One should not greet his Rabbi, or return greetings to
him, in the same way that people greet friends and return greetings to
each other, but one should bow slightly in front of him and say in
reverence, Shalom to you, my Rabbi. If the Rabbi greeted him, he
returns greetings by saying, Shalom to you, my Rabbi and teacher. We
see from here that he is speaking respectfully in second person. Also
in Halachah 9 he writes, if one sees his Rabbi violating a Torah
matter, he tells him, so and so is what you taught us, our Rabbi.
Whenever he mentions something he heard he says to him, this is what
you taught us, our Rabbi. Here we see again that he used a respectful
terminology in second person.