When you label a chest with a wax label and then put the chest in your vault, you see this when looking in the vault: "In the secure vault you see a large chest with a wax label on it". I think it would be nice if after the object is labeled the label is visible in the vault,so if someone wanted to for example label a chest "ARMOR" and one "WEAPONS" that would be possible. Thanks!

I think you can rummage and see the label. I'm not sure though.