No this isn't possible. If you want to use two words, you either have to put them together or use a hyphen or underscore.
There are a number of characters that you can't use either. Not sure what the list is, but if you try to use them you get an error and all the labels you had been entering disappear.
We do have following improvement request. You can see the list of the characters that you can't use in the label in this ticket:
I'd recommend you to watch and vote for this request and check Implementation of New Features Policy to see how Atlassian chooses what to implement.
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