AFAIK this has to be done with a macro. To avoid problems with ranges I
create Range names  Old_Labels, New_Labels and Labels on the sheet you want
to update. Copy the code into a VB Module, ALT + F8, Insert Module and Paste
the code into the module. Return to the workbook and run the code. ALT + F8,
select code and click Run.

Sub test()
Set rng = Range("Labels")
Set rngOld = Range("Old_Labels")
Set rngNew = Range("New_Labels")

For Each c In rng
 x = WorksheetFunction.Match(c, rngOld, 0)
   If IsError(x) Then
   'do nothing
     Else
     c.Value = WorksheetFunction.Index(rngNew, WorksheetFunction.Match(c,
rngOld, 0))
   End If
Next
End Sub

Regards
Peter