Since no one has proposed an existing algorithm, I'll try to invent one...
For each vertex, you can calculate its "signature" by concatenating its label with the labels of all adjacent edges. For consistency, sort the labels alphabetically. Since the edges are directed, concatenate incoming and outgoing edges separately.
These signatures can be used to detect changes in the set of vertices. First, find corresponding vertices with the same signature in the first and the second graph. Remaining unpaired vertices are added vertices, removed vertices, vertices with changed labels, vertices with changed edge connections, and vertices whose edges' labels were changed. You can associate them by comparing their signatures and selecting best matches using some string matching algorithm. Apparently you will have to introduce some critical degree of similarity to distinguish "it's the same vertex with many changed properties" from "it's a new vertex with some accidental signature similarity".
Arrange all vertices of the first graph in an array, in any order. Create another array of the same size. Put the matching vertices of the second graph into the second array at positions corresponding to the first array; do this for all exactly matched vertices and all modified vertices. For first graph vertices which don't have a match in the second graph (deleted vertices), leave the array cells empty. Then, for second graph vertices which don't have a match in the first graph (new vertices), add these vertices to the end of the second array and expand the first array with the corresponding number of empty cells.
Now, when vertices of a graph are listed in an array, the edges can be represented as a 2-dimensional array. If an edge is going from the i-th vertex to the j-th vertex, put its label into the (i,j) cell of the array.
Do this for both graphs. Since you have constructed two vertex arrays of the same size, you get two 2-dimensional arrays of the same size, with a one-to-one correspondence. Comparing these two arrays in a straightforward way allows you to detect added edges, removed edges and edges with changed labels.