Is it standard to use a hyperlink (anchor tag) within a label tag?
<label for="ContentPlaceHolder1">
<a href="~/address"> Link Text and Label Name </a>
</label>
It is valid to have an anchor inside a label — in HTML 4.01 as well as HTML5.
You can try out the W3C Markup Validator to quickly check if your markup is valid.
Whether it makes sense is another question. It is probably ok to have a link alongside with some non-link-text inside a label, but a label consisting of a single link probably won't be a great user experience.