Currently, per-atom labels are the easiest the create:
label elem n, "Nitrogen"
label name ca, resn+resi+chain
The fonts included with PyMOL 1.x are listed here with their identifiers.
PyMOL uses the UTF8 unicode encodings for special characters.
As of PyMOL 1.x, all scalable fonts (5-18) can display special characters such as Greek “alpha” and “beta” via unicode. However, the Angstrom symbol is missing from fonts 15 & 16.
set label_font_id, 15 # Alpha-Helix using greek Alpha character label 12/ca, "\316\261-Helix" # Beta-Sheet using greek Beta character label 20/ca, "\316\362-Sheet"
set label_font_id, 17 label 6/ca, "5.0 \342\204\253"