Yes, LABELING is a Scrabble word!

Letter values in Scrabble US: L 1, A 1, B 3, E 1, L 1, I 1, N 1, G 2.

Is it a valid word?

LABELING is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

assign a label to; designate with a label
attach a tag or label to
pronounce judgment on
distinguish (as a compound or molecule) by introducing a labeled atom
distinguish (an element or atom) by using a radioactive isotope or an isotope of unusual mass for tracing through chemical reactions