You can work on not making it negative since it sounds like that's your goal. Positive discipline calls it a positive time out - invite the child to take some space to calm down. Beforehand, brainstorm with them what/ where would help them calm down. Is it coloring or reading or listening to a certain cd? Empower your child to learn self-regulatory behavior! Prompt them with "hey you seem pretty upset, I'm thinking your cool down spot would help calm you". Or whatever you call it. Soon they will recognize themselves when they need to go. You just need the "I'm wondering if some time to cool down would help before we talk about this?" as he gets older. Always ensure the child decides when he is ready to come out! It is not a punishment, it is for him to practice paying attention to his own emotional state! When he comes out, smile and ask him how he's feeling. Encourage self-reflection whenever possible. :)
I'm not sure why time out is used as a punishment but it defeats the purpose. The long term goal here is having the child recognize when their emotions are out of control or in the way and what to do about it. Since your child is a toddler I believe, you will need to prompt them quite a bit in the beginning, but remember you are teaching a coping skill, not punishing them. If they had the skill in the first place, you wouldn't be in this position!
Thus, their room will be seen as a calming, personal and reflective space. I have created this "cool down couch" in my AfterSchool program of traumatized refugee kids with little self-regulatory skills and it worked wonders! These kids were not lacking in the punishment department, nobody had tried just connecting with them and teaching the missing skills! Same with my inner city middle school kids with huge gang influences. It's a wonder what some improved self-awareness can do for a kid!
Now, for when YOU need a break? You should go to your cool down space :) "I am feeling too tired, I'm going to go to my cool down spot and relax for a few minutes. Could you help me by playing with your toys in your room so I know you're safe?" Or something along those lines.
Edited to clarify: when your child is older (preschool+), I don't send them to time-out, I am genuinely asking if their cool down spot would help. If they say no, then ask, "what would help you cool down?" Even just naming their feeling can help them feel felt and alleviate their distress right away. "You seem upset" , "You look angry", "I think you might be jealous" - and it helps build emotional literacy which is a key component of self-regulation.