You can do this with a change block in the input object that sets a new token to the label, like:
<change>
<set token="dropdown_label">$label$</set>
</change>
See the following link for more details:
https://docs.splunk.com/Documentation/SplunkCloud/8.0.0/Viz/tokens#Access_labels_and_values_of_form_inputs
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Expanding on @amrit's example code, I was able to build a filter to exclude some HTTP Status codes from IIS logs using:
props.conf
[iis]
TRANSFORMS-HttpErrorsOnly=HttpErrorsOnly
transforms.conf
[HttpErrorsOnly]
SOURCE_KEY=field:sc_status
REGEX=[123]\d+
DEST_KEY=queue
FORMAT=nullQueue
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