As far as I know, the correct entry would be:
give_trait: "QvintvsA Romanvs" Augustus 1
Note: the Augustus part of this entry uses the normal U, no need to substitute it with V.
I tested this in a new Roman campaign, using one of the starting family members. This gave him the trait "High Ambitions". I made him the faction heir, put my existing faction leader on a boat and deliberately had it sunk by engaging an enemy fleet. My new faction leader suddenly had the trait Augustus. Of course none of the other conditions were met so I didn't get the imperial reforms.
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