Rick,
Corresponding to VLABEL() VNAME() VFORMAT() ,there are another set of functions VARLABEL() VARNAME() VARFORMAT() to get variable label.

%let DSName = Sashelp.Iris; /* data set name */
%let Var = SepalLength; /* response variable */

%let dsid=%sysfunc(open(&dsname.));
%let vlabel=%sysfunc(varlabel(&dsid.,%sysfunc(varnum(&dsid.,&var.))));
%let dsid=%sysfunc(close(&dsid.));
%put NOTE:&=vlabel.;