If you're looking for recently applied labels, try using cleartool lshistory -minor... I applied a bunch of labels to test element and got this:
> [brian@thishost cvsimport]$ cleartool lshist -min -last 6 co.dll
> --11-24T14:27 brian make label "LABEL4" on version "co.dll@@/main/2" (LABEL4, LABEL5, LABEL6, LABEL3, LABEL2, ...)
> --11-24T14:26 brian make label "LABEL5" on version "co.dll@@/main/2" (LABEL4, LABEL5, LABEL6, LABEL3, LABEL2, ...)
> --11-24T14:26 brian make label "LABEL6" on version "co.dll@@/main/2" (LABEL4, LABEL5, LABEL6, LABEL3, LABEL2, ...)
> --11-24T14:26 brian make label "LABEL3" on version "co.dll@@/main/2" (LABEL4, LABEL5, LABEL6, LABEL3, LABEL2, ...)
> --11-24T14:26 brian make label "LABEL2" on version "co.dll@@/main/2" (LABEL4, LABEL5, LABEL6, LABEL3, LABEL2, ...)
> --11-24T14:26 brian make label "LABEL1" on version "co.dll@@/main/2" (LABEL4, LABEL5, LABEL6, LABEL3, LABEL2, ...)
These events only last 2-4 weeks (depending on scrubbing parameters), so be aware that this is a time-limited lookup.