Yes, that is possible.
It may be done in two rules, or possibly one rule if you have fewer than 100 issues in the epic's child issues and their subtasks. You may want additional rules to handle edge cases, such as someone manually editing the automatically-set label value.
What have you tried thus far to solve this?
If you have a rule that is not working as expected, please post images of the complete rule and the audit log details, explain what does not work as you expect, and note your Jira version and project types. That information will help the community to offer suggestions.
If you have not yet started a rule, I recommend trying to do so. Successfully using rules requires learning and experimentation. To get you started on creating your rule, please refer to these documentation and example rule sources:
Kind regards,
Bill
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