Did you label the filesystem when you created it? If not, it won't appear under /dev/disk/by-label as it doesn't have one!
You don't mention which filesystem you're using, so I'll assume ext3 as that's the default in RHEL 5. You can use tune2fs to examine the device:
$ sudo tune2fs -l /dev/sda1 | grep name
Filesystem volume name: home
If this says <none> then you can use tune2fs again to add a label:
$ sudo tune2fs -L mylabel /dev/sda1
This should populate /dev/disk/by-label.
You can also use -L label with mkfs.ext3 when creating the filesystem.