The present disclosure is directed to systems and methods that include a machine-learned label embedding model that generates feature-based label embeddings for labels in real-time, in furtherance, for example, of selection of labels relative to a particular entity. In particular, one example computing system includes both a machine-learned entity embedding model configured to receive and process entity feature data descriptive of an entity to generate an entity embedding for the entity and a machine-learned label embedding model configured to receive and process first label feature data associated with a first label to generate a first label embedding for the first label.