values = ['list', 'of', 'values']
# As a dictionary in {value: label, ...} form:
IS_IN_SET({value: T(value) for value in values})
# As a list of tuples in (value, label) form:
IS_IN_SET([(value, T(value)) for value in values])
# Using the "labels" argument.
IS_IN_SET(values, labels=[T(value) for value in values])