diff --git a/src/actions/output.ts b/src/actions/output.ts
index 1974b683..49fafa51 100644
--- a/src/actions/output.ts
+++ b/src/actions/output.ts
@@ -465,7 +465,7 @@ export function outputActions(
 
 				return {
 					...options,
-					showvar: `$(${instance.options.connectionLabel}:pan_${MSB}.${LSB})`,
+					showvar: `$(${instance.label}:pan_${MSB}.${LSB})`,
 				}
 			},
 			subscribe: async (_action) => {
@@ -509,7 +509,7 @@ export function outputActions(
 
 				return {
 					...options,
-					showvar: `$(${instance.options.connectionLabel}:pan_${MSB}.${LSB})`,
+					showvar: `$(${instance.label}:pan_${MSB}.${LSB})`,
 				}
 			},
 			subscribe: async ({ options }) => {
@@ -558,7 +558,7 @@ export function outputActions(
 
 				return {
 					...options,
-					showvar: `$(${instance.options.connectionLabel}:pan_${MSB}.${LSB})`,
+					showvar: `$(${instance.label}:pan_${MSB}.${LSB})`,
 				}
 			},
 			subscribe: async ({ options }) => {
diff --git a/src/actions/pan-balance.ts b/src/actions/pan-balance.ts
index 358b5120..db5d387c 100644
--- a/src/actions/pan-balance.ts
+++ b/src/actions/pan-balance.ts
@@ -145,7 +145,7 @@ export function panBalanceActions(
 
 				return {
 					...options,
-					showvar: `$(${instance.options.connectionLabel}:pan_${MSB}.${LSB})`,
+					showvar: `$(${instance.label}:pan_${MSB}.${LSB})`,
 				}
 			},
 			subscribe: async (action) => {
@@ -224,7 +224,7 @@ export function panBalanceActions(
 
 				return {
 					...options,
-					showvar: `$(${instance.options.connectionLabel}:pan_${MSB}.${LSB})`,
+					showvar: `$(${instance.label}:pan_${MSB}.${LSB})`,
 				}
 			},
 			subscribe: async (action) => {
@@ -303,7 +303,7 @@ export function panBalanceActions(
 
 				return {
 					...options,
-					showvar: `$(${instance.options.connectionLabel}:pan_${MSB}.${LSB})`,
+					showvar: `$(${instance.label}:pan_${MSB}.${LSB})`,
 				}
 			},
 			subscribe: async (action) => {
@@ -382,7 +382,7 @@ export function panBalanceActions(
 
 				return {
 					...options,
-					showvar: `$(${instance.options.connectionLabel}:pan_${MSB}.${LSB})`,
+					showvar: `$(${instance.label}:pan_${MSB}.${LSB})`,
 				}
 			},
 			subscribe: async (action) => {
@@ -466,7 +466,7 @@ export function panBalanceActions(
 
 				return {
 					...options,
-					showvar: `$(${instance.options.connectionLabel}:pan_${MSB}.${LSB})`,
+					showvar: `$(${instance.label}:pan_${MSB}.${LSB})`,
 				}
 			},
 			subscribe: async (action) => {
@@ -551,7 +551,7 @@ export function panBalanceActions(
 
 				return {
 					...options,
-					showvar: `$(${instance.options.connectionLabel}:pan_${MSB}.${LSB})`,
+					showvar: `$(${instance.label}:pan_${MSB}.${LSB})`,
 				}
 			},
 			subscribe: async (action) => {
diff --git a/src/config.test.ts b/src/config.test.ts
index 786d2b70..95e11f36 100644
--- a/src/config.test.ts
+++ b/src/config.test.ts
@@ -4,12 +4,14 @@ import {
 	addModelOptionToConfig,
 	configIsMissingLabel,
 	configIsMissingModel,
+	configUnnecessarilySpecifiesLabel,
+	removeLabelOptionFromConfig,
 	type SQInstanceConfig,
 } from './config.js'
 
 describe('config upgrade to specify a missing model', () => {
 	test('config without model', () => {
-		const configMissingModel = {
+		const configMissingModel: SQInstanceConfig = {
 			host: '127.0.0.1',
 			level: 'LinearTaper',
 			talkback: 0,
@@ -17,7 +19,7 @@ describe('config upgrade to specify a missing model', () => {
 			status: 'full',
 			label: 'SQ',
 			verbose: false,
-		} as SQInstanceConfig
+		}
 
 		expect(configIsMissingModel(configMissingModel)).toBe(true)
 
@@ -62,7 +64,7 @@ describe('config upgrade to specify a missing model', () => {
 
 describe('config upgrade to specify a missing label', () => {
 	test('config without label', () => {
-		const configMissingLabel = {
+		const configMissingLabel: SQInstanceConfig = {
 			host: '127.0.0.1',
 			model: 'SQ5',
 			level: 'LinearTaper',
@@ -70,7 +72,7 @@ describe('config upgrade to specify a missing label', () => {
 			midich: 0,
 			status: 'full',
 			verbose: false,
-		} as SQInstanceConfig
+		}
 
 		expect(configIsMissingLabel(configMissingLabel)).toBe(true)
 
@@ -96,3 +98,39 @@ describe('config upgrade to specify a missing label', () => {
 		expect(configWithLabelSQ5.label).toBe('sq5')
 	})
 })
+
+describe('config upgrade to remove an unnecessary label', () => {
+	test('config without label', () => {
+		const configMissingLabel: SQInstanceConfig = {
+			host: '127.0.0.1',
+			model: 'SQ5',
+			level: 'LinearTaper',
+			talkback: 0,
+			midich: 0,
+			status: 'full',
+			verbose: false,
+		}
+
+		expect(configUnnecessarilySpecifiesLabel(configMissingLabel)).toBe(false)
+	})
+
+	test('config with label', () => {
+		const configWithLabel: SQInstanceConfig = {
+			host: '127.0.0.1',
+			model: 'SQ5',
+			level: 'LinearTaper',
+			talkback: 0,
+			midich: 0,
+			status: 'full',
+			verbose: false,
+			label: 'SQ',
+		}
+
+		expect(configUnnecessarilySpecifiesLabel(configWithLabel)).toBe(true)
+
+		removeLabelOptionFromConfig(configWithLabel)
+
+		expect(configUnnecessarilySpecifiesLabel(configWithLabel)).toBe(false)
+		expect('label' in configWithLabel).toBe(false)
+	})
+})
diff --git a/src/config.ts b/src/config.ts
index f856048d..03378741 100644
--- a/src/config.ts
+++ b/src/config.ts
@@ -40,12 +40,26 @@ export function configIsMissingLabel(config: SQInstanceConfig | null): config is
 }
 
 /**
- * Add the 'label' option (defaulting to SQ) to a config that's missing one.
+ * Add the `'label'` option (defaulting to SQ) to a config that's missing one.
  */
 export function addLabelOptionToConfig(config: SQInstanceConfig): void {
 	config.label = DefaultConnectionLabel
 }
 
+/**
+ * Determine whether the given instance config specifies a `'label'` property
+ * that is unnecessary because `InstanceBase.label` is the real deal and is
+ * always up-to-date.
+ */
+export function configUnnecessarilySpecifiesLabel(config: SQInstanceConfig | null): config is SQInstanceConfig {
+	return config !== null && 'label' in config
+}
+
+/** Remove the `'label'` option from a config that has it. */
+export function removeLabelOptionFromConfig(config: SQInstanceConfig): void {
+	delete config.label
+}
+
 function createDefaultTalkbackChannelOption(): SomeCompanionConfigField {
 	// The number of input channels depends on how many input channels the
 	// user's chosen SQ model has.  Currently all SQs have the same number of
@@ -133,13 +147,6 @@ export function GetConfigFields(): SomeCompanionConfigField[] {
 				{ id: 'nosts', label: 'Not at startup' },
 			],
 		},
-		{
-			type: 'textinput',
-			id: 'label',
-			label: 'Connection label (for displaying pan/balance variables correctly)',
-			width: 6,
-			default: DefaultConnectionLabel,
-		},
 		{
 			type: 'checkbox',
 			id: 'verbose',
diff --git a/src/instance.js b/src/instance.js
index 70139d9e..bc7125fb 100644
--- a/src/instance.js
+++ b/src/instance.js
@@ -22,6 +22,14 @@ export class sqInstance extends InstanceBase {
 	/** @type {Mixer | null} */
 	mixer = null
 
+	/**
+	 * The last label specified for this instance, or `null` if there wasn't a
+	 * last label.
+	 *
+	 * @type {string | null}
+	 */
+	#lastLabel = null
+
 	/**
 	 * Construct an `sqInstance`.
 	 *
@@ -113,6 +121,17 @@ export class sqInstance extends InstanceBase {
 		this.options = newOptions
 
 		if (canUpdateOptionsWithoutRestarting(oldOptions, newOptions)) {
+			const label = this.label
+			if (label !== this.#lastLabel) {
+				// The instance label might be altered just before
+				// `configUpdated` is called.  The instance label is used in the
+				// "Learn" operation for some actions -- and it'll always be
+				// up-to-date in these uses.  But it's also hardcoded in some
+				// presets, so if the label changes, we must redefine presets
+				// even if we don't have to restart the connection.
+				this.#lastLabel = label
+				this.setPresetDefinitions(getPresets(this, this.mixer.model))
+			}
 			return
 		}
 
@@ -128,6 +147,8 @@ export class sqInstance extends InstanceBase {
 		this.initVariableDefinitions(model)
 		this.setActionDefinitions(getActions(this, mixer, choices))
 		this.setFeedbackDefinitions(getFeedbacks(mixer, choices))
+
+		this.#lastLabel = this.label
 		this.setPresetDefinitions(getPresets(this, model))
 
 		//this.checkVariables();
diff --git a/src/options.ts b/src/options.ts
index 56a903f7..f8dc91c7 100644
--- a/src/options.ts
+++ b/src/options.ts
@@ -1,7 +1,7 @@
 import { type ModelId, DefaultModel } from './mixer/models.js'
 import type { FaderLaw } from './mixer/mixer.js'
 import { RetrieveStatusAtStartup } from './mixer/mixer.js'
-import { DefaultConnectionLabel, type SQInstanceConfig } from './config.js'
+import type { SQInstanceConfig } from './config.js'
 import { Regex } from '@companion-module/base'
 
 /** Options information controlling the operation of a mixer instance. */
@@ -40,9 +40,6 @@ export type SQInstanceOptions = {
 	 * logging is enabled.
 	 */
 	verbose: boolean
-
-	/** The label used to identify this Companion instance/connection. */
-	connectionLabel: string
 }
 
 function toHost(host: SQInstanceConfig['host']): string | null {
@@ -109,10 +106,6 @@ function toVerbose(verbose: SQInstanceConfig['verbose']): boolean {
 	return Boolean(verbose)
 }
 
-function toConnectionLabel(label: SQInstanceConfig['label']): string {
-	return typeof label === 'undefined' ? DefaultConnectionLabel : String(label)
-}
-
 /** Compute instance options from instance configuration info. */
 export function optionsFromConfig({
 	// Comments indicate the expected types of the various config fields.
@@ -123,7 +116,6 @@ export function optionsFromConfig({
 	midich, // number
 	status, // string
 	verbose, // boolean
-	label, // string
 }: SQInstanceConfig): SQInstanceOptions {
 	return {
 		host: toHost(host),
@@ -133,7 +125,6 @@ export function optionsFromConfig({
 		midiChannel: toMidiChannel(midich),
 		retrieveStatusAtStartup: toRetrieveStatusAtStartup(status),
 		verbose: toVerbose(verbose),
-		connectionLabel: toConnectionLabel(label),
 	}
 }
 
@@ -151,7 +142,6 @@ export function noConnectionOptions(): SQInstanceOptions {
 		midiChannel: 0,
 		retrieveStatusAtStartup: RetrieveStatusAtStartup.Fully,
 		verbose: false,
-		connectionLabel: DefaultConnectionLabel,
 	}
 }
 
@@ -202,10 +192,6 @@ export function canUpdateOptionsWithoutRestarting(
 	// retrieval is extremely slow (particularly if the instance debug log is
 	// open.)
 
-	// The connection label is only used to expose the variable names for
-	// pan/balance variables that are "Learn"ed at runtime, so don't restart for
-	// a label change.
-
 	// Otherwise we can update options without restarting.
 	return true
 }
diff --git a/src/presets.ts b/src/presets.ts
index cf0f702d..cf13b450 100644
--- a/src/presets.ts
+++ b/src/presets.ts
@@ -198,7 +198,7 @@ export function getPresets(instance: sqInstance, model: Model): CompanionPresetD
 
 			createtMuteLevel(
 				`Mt+dB CH-${mixLabel}`,
-				`${channelLabel}\\n${mixLabel}\\n$(${instance.options.connectionLabel}:level_${MSB}.${LSB}) dB`,
+				`${channelLabel}\\n${mixLabel}\\n$(${instance.label}:level_${MSB}.${LSB}) dB`,
 				'MuteInputChannel',
 				channel,
 				mix,
diff --git a/src/upgrades.ts b/src/upgrades.ts
index a4b0f45c..6c996100 100644
--- a/src/upgrades.ts
+++ b/src/upgrades.ts
@@ -4,7 +4,14 @@ import {
 	type CompanionUpgradeContext,
 	EmptyUpgradeScript,
 } from '@companion-module/base'
-import { configIsMissingLabel, configIsMissingModel, DefaultConnectionLabel, type SQInstanceConfig } from './config.js'
+import {
+	configIsMissingLabel,
+	configIsMissingModel,
+	configUnnecessarilySpecifiesLabel,
+	DefaultConnectionLabel,
+	removeLabelOptionFromConfig,
+	type SQInstanceConfig,
+} from './config.js'
 import { DefaultModel } from './mixer/models.js'
 import {
 	convertOldLevelToOutputActionToSinkSpecific,
@@ -165,6 +172,35 @@ function RewriteCombinedOutputPanBalanceActionsToSinkSpecificOutputPanBalanceAct
 	return result
 }
 
+/**
+ * This module used to have a `'label'` option, in which the user was expected
+ * to (re-)specify the instance label.  This label was then used in the "Learn"
+ * operation for various actions, as well as in various preset definitions.
+ *
+ * But it turns out the instance label is accessible as `InstanceBase.label`
+ * which is always up-to-date, so there's no point in having the config option.
+ *
+ * This upgrade script removes the `'label'` option from configs that have it.
+ */
+function RemoveUnnecessaryConnectionLabel(
+	_context: CompanionUpgradeContext<SQInstanceConfig>,
+	props: CompanionStaticUpgradeProps<SQInstanceConfig>,
+): CompanionStaticUpgradeResult<SQInstanceConfig> {
+	const result: CompanionStaticUpgradeResult<SQInstanceConfig> = {
+		updatedConfig: null,
+		updatedActions: [],
+		updatedFeedbacks: [],
+	}
+
+	const oldConfig = props.config
+	if (configUnnecessarilySpecifiesLabel(oldConfig)) {
+		removeLabelOptionFromConfig(oldConfig)
+		result.updatedConfig = oldConfig
+	}
+
+	return result
+}
+
 export const UpgradeScripts = [
 	EmptyUpgradeScript,
 	CoalesceSceneRecallActions,
@@ -172,6 +208,11 @@ export const UpgradeScripts = [
 	EnsureConnectionLabel,
 	RewriteCombinedOutputLevelActionsToSinkSpecificOutputLevelActions,
 	RewriteCombinedOutputPanBalanceActionsToSinkSpecificOutputPanBalanceActions,
+	// ...yes, we added the `'label'` config option above because we thought it
+	// was the only way to get the instance label, and now we're removing it
+	// because there in fact *is* a way to get that label without requiring that
+	// users redundantly specify it.  So it goes.
+	RemoveUnnecessaryConnectionLabel,
 ]
 
 /*