If you have a laser jet printer at home, you can create your label in a word document. Type and lay it out however you like. Cut a piece of freezer paper to 8.5 x 11" size. Iron the fabric you want your label to print on onto the shiny side of the freezer paper. Remove the other paper from your printer and just put the freezer paper/fabric piece in the paper tray. Print out the label, remove the paper backing from the fabric, press with a dry iron to set the ink. You can just hem the label and attach to your quilt, or you can add decorative stitching, borders, etc. as you like.
Tip: write a word on a blank paper, put it into the printer and print the label text on that first to make sure you know which way to load your fabric for printing. You don't want it to print on the back of the fabric.
Also, I usually type the label in a few places on the document with plenty of room in between to separate them. That way if I mess up, or if one smudges I don't have to go through the entire process again.