It's unclear - your reference to "value label". SAS maintains variable labels and SAS member labels, but there is no "label information" associated with a given observation (row) within a SAS member. Can you provide more details about what you are trying to accomplish?
By "value labels" I figure you mean user-defined formats??? If so, PROC CONTENTS will only show you the name of the format. You would have to use PROC FORMAT to get the FMTLIB report on a particular format or formats. PROC FORMAT has a SELECT statement which allows you to get a report which will list a particular format or informat (or select a group of formats). You can also use the CNTLOUT feature of PROC FORMAT to create a SAS dataset from a format.
For more information on FMTLIB or CNTLOUT, consult the SAS documentation.