Is it allowed for someone to put some sort of wooden bracelet engraved in it "lamed yud heh vav heh" like saying that this person belongs to G-d only and to remind this person that he is G-d's and to always remember his master ?
Since you wouldn't be sure where the person wearing the bracelet might end up going, it would be better to avoid such a practice. There are places where a Jew should not bring written names, like into a bathroom for example.
A better practice would be to write a common abbreviation that many people write in any holy book they own. Namely, לה״ הו״מ. This means that the earth and all that fills it belong to G-d. There a no names involved but it communicates the sentiment you are trying to convey.