To label highlights you'll need to add a text track. Right now there's no way to automatically associate a label with a highlight using a single track.
You can use the same input file for both. For example,
hs1 100 200 ABC
The coordinates will be used by the type=highlight <plot> and the value (ABC) will be disregarded.
The value ABC will be used as the label for type=text <plot>.
It'll be important to place the tracks radially so that the labels are at a visually appealing distance. If you set the inner radius of the text track to be the outer radius of the highlight, this will be a start.