First of all, you are basically right. you can use
sw360dp/ : 720p screens sw540dp/ : 1080p screens
The reason sw720p/sw1080p does not work is because they do not exist as qualifiers.
This is the official documentation for working with different screen sizes. As you can read, there are two different blocks that you need to consider if you want to calculate your dp folder: the number of pixels (e.g. 720) and the pixel density (i.e., dot-inch block or how many pixels fit into one inch).
The formula is pretty simple:
px = dp * (dpi / 160)
whereas in this case we have:
dp = px * 160 / dpi
Of course, a TV can have different densities: this table tells you about it (source: official documentation ).

Suppose we have a 1080p high-density display (@ 320 dpi). We do math
dp = 1080 * 160 / 320 = 540
So, we get the appropriate folder to host your resources.
EDIT : This page also states that there is a specific tvdpi qualifier that you can use for your TV-related resources (about 213 dpi ).
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