Thanks, Alex! This ability to generate text labels from an entity is planned for the next release, but isn't available in the current version.
If you are a LSP developer, there is a LSP function that can help you. esri_label_place (ArcGIS AutoCAD 400 ) does essentially what you want, but unfortunately you'll still have to provide the location for the label.
(Someone clever could create a lsp routine to generate a point from an entity and automate a generate label tool.)