I'm trying to merge wallet files together using RPC API calls. It seems that it is not possible to edit the label of a wallet transaction. The GUI appears to be able to do this. I request this as a new feature.
There's a difference between labeling the receive/send address and labeling the transaction. This is because there can be multiple transactions to/from the same address. So there's still a need to label transactions in contrast to simply labeling addresses using the accounts feature.