Labeling a text and referencing it later

\label will refer to the current value of \@currentlabel; just use this feature.

\documentclass{article}

\MakeRobust{\ref}% avoid expanding it when in a textual label

\makeatletter
\newcommand{\labeltext}[2]{%
  \@bsphack
  \csname phantomsection\endcsname % in case hyperref is used
  \def\@currentlabel{#1}{\label{#2}}%
  \@esphack
}
\makeatother

\begin{document}

\section{Test}\label{sec-test}

Some text and a textual label\labeltext{Some text in section~\ref{sec-test}}{try}

\section{Again}

Here it is: ``\ref{try}''

\end{document}

If your LaTeX kernel is before 2015/01/01, update it. Until you do, add \usepackage{fixltx2e} in order to have \MakeRobust available. Making \ref robust is not needed if you load hyperref.

Something like this? This writes the text explicitly to the .aux file and provides a hyperlink to it. Use \nameref to get the label content, not the label number (which is given by \ref)

With more information a better solution could be given.

\documentclass{article}

\usepackage{blindtext}
\usepackage{hyperref}
\usepackage{nameref}

\newcounter{mylabelcounter}

\makeatletter
\newcommand{\labelText}[2]{%
#1\refstepcounter{mylabelcounter}%
\immediate\write\@auxout{%
  \string\newlabel{#2}{{1}{\thepage}{{\unexpanded{#1}}}{mylabelcounter.\number\value{mylabelcounter}}{}}%
}%
}
\makeatother

\begin{document}
\blindtext[5]

\begin{center}
In \nameref{label:text} we have
\end{center}
\section{First} \label{firstsection}
\blindtext[5]
\labelText{This \textsc{is} a text that is also a tag}{label:text}

\end{document}