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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000169938Member_lbl" xml:lang="en-US">T. Rowe Price Spectrum Moderate Allocation Fund-I Class</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000005533Member" xlink:to="trowe_C000005533Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000005533Member_lbl" xml:lang="en-US">T. Rowe Price Spectrum Moderate Growth Allocation Fund-Investor Class</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000169939Member_lbl" xml:lang="en-US">T. Rowe Price Spectrum Moderate Growth Allocation Fund-I Class</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000005534Member_lbl" xml:lang="en-US">T. Rowe Price Spectrum Conservative Allocation Fund-Investor Class</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_CombinedIndexPortfolioMember_lbl" xml:lang="en-US">Combined Index Portfolio</link:label>
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      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_MorningstarModeratelyAggressiveTargetRiskIndexMember" xlink:label="trowe_MorningstarModeratelyAggressiveTargetRiskIndexMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_MorningstarModeratelyAggressiveTargetRiskIndexMember_lbl" xml:lang="en-US">Morningstar Moderately Aggressive Target Risk Index</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_CombinedIndexPortfolioOneMember_lbl" xml:lang="en-US">Combined Index Portfolio [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_LipperMixedAssetTargetAllocationGrowthFundsIndexMember" xlink:label="trowe_LipperMixedAssetTargetAllocationGrowthFundsIndexMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_BloombergUSAggregateBondIndexMember_lbl" xml:lang="en-US">Bloomberg U.S. Aggregate Bond Index</link:label>
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