diff --git a/token_exchange/migrations/0002_tokenexchangeconfiguration_label.py b/token_exchange/migrations/0002_tokenexchangeconfiguration_label.py
new file mode 100644
index 0000000..96cd0bb
--- /dev/null
+++ b/token_exchange/migrations/0002_tokenexchangeconfiguration_label.py
@@ -0,0 +1,22 @@
+# Generated by Django 3.2.21 on 2023-11-08 15:02
+
+from django.db import migrations, models
+
+
+class Migration(migrations.Migration):
+    dependencies = [
+        ("token_exchange", "0001_initial"),
+    ]
+
+    operations = [
+        migrations.AddField(
+            model_name="tokenexchangeconfiguration",
+            name="label",
+            field=models.CharField(
+                blank=True,
+                help_text="The label of this token exchange configuration",
+                max_length=250,
+                verbose_name="label",
+            ),
+        ),
+    ]
diff --git a/token_exchange/models.py b/token_exchange/models.py
index 9c96ed6..3d255e6 100644
--- a/token_exchange/models.py
+++ b/token_exchange/models.py
@@ -3,6 +3,12 @@
 
 
 class TokenExchangeConfiguration(models.Model):
+    label = models.CharField(
+        verbose_name=_("label"),
+        help_text=_("The label of this token exchange configuration"),
+        max_length=250,
+        blank=True,
+    )
     service = models.OneToOneField(
         to="zgw_consumers.Service",
         verbose_name=_("service"),
@@ -20,3 +26,14 @@ class TokenExchangeConfiguration(models.Model):
 
     class Meta:
         verbose_name = _("Token exchange plugin configuration")
+
+    def save(self, *args, **kwargs) -> None:
+        if not self.label and (self.service and self.service.label):
+            self.label = self.service.label
+        return super().save(*args, **kwargs)
+
+    def __str__(self) -> str:
+        if not self.label:
+            return super().__str__()
+
+        return self.label
diff --git a/token_exchange/tests/test_models.py b/token_exchange/tests/test_models.py
new file mode 100644
index 0000000..5cb05ba
--- /dev/null
+++ b/token_exchange/tests/test_models.py
@@ -0,0 +1,24 @@
+from django.test import TestCase
+
+from .factories import TokenExchangeConfigurationFactory
+
+
+class TokenExchangeConfigurationTests(TestCase):
+    def test_string_method_with_service_label(self):
+        config = TokenExchangeConfigurationFactory.create(service__label="A label")
+
+        self.assertEqual("A label", str(config))
+
+    def test_string_method_withou_service_label(self):
+        config = TokenExchangeConfigurationFactory.create()
+
+        self.assertEqual(
+            f"TokenExchangeConfiguration object ({config.pk})", str(config)
+        )
+
+    def test_save_does_not_overwrite_label(self):
+        config = TokenExchangeConfigurationFactory.create(
+            label="A config label", service__label="A service label"
+        )
+
+        self.assertEqual("A config label", str(config))