No.
You can use HTML in the label, but then you must hard code the break tag.
A better approach is to use a JTextArea and turn wrapping on. You can change the background,foreground, font etc. of the text are to make it look like a label.
Note, this answer is outdated as of at least Java 7.
As per @darren's answer, you simply need to wrap the string with <html> and </html> tags:
myLabel.setText("<html>"+ myString +"</html>");
You do not need to hard-code any break tags. The text wraps as the component resizes.
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