There is no way to change it, but there are some things you can do.
First, if you have trouble with the favorite field, there is a chance that you will have problems with other bits of text around the system as well. Having a new Mac with a retina display helps (smoother text), but what really can help is adjusting the screen resolution to make the whole text bigger. System Preferences, Displays.
The text in the favorites is something you can control. I use it and have a few selection elements in there. But I have renamed them to be short simple words that I don't really "read" to just "see" them. Such as: News, Servers, Weather, Statistics, etc. I can tell each other without really having to read them since they are simple single words. Maybe try it?
I wasn't going to look before, but the corresponding bar in Chrome doesn't seem to be any bigger than in Safari.
Another suggestion is to perhaps use Emoji in these titles. It makes it easier to see. I can make a video on it.