Haris, the Insert Label command is nice but difficult to use. Let me explain.
First of all I must write by hand \ref{} or \eqref{} and this could be improved as you say.
But the worse is that usually the number of labels is quite high (50+ is common). When I invoke the command, a very long list appears, and it is in alphabetical order. I must scroll up and down to locate the label I want; of course I do not remember which one it is exactly, so it takes a long time to find the right one.
You will say: I must write the initial letters of the label so the list that appears is much shorter. This is not a solution because:
1) this forces me to remember the beginning of the right label: it takes even longer to remember it, and it takes longer to write \eqref{firstletters...} than to write the full label by hand
2) all of my labels start with eq: (I'm not alone I think) Apparently, if I write eq: followed by some letters the script does not work; maybe you check for letters and digits only in the name?
Exactly to overcome these problems I proposed some weeks ago a different mechanism based on a semi-permanent html window. Would you like to give a look to it? It's rudimentary but I used it a little and it seems to be handier that the present Insert Label command. Please tell me if you have the time to check it, I think there is something useful in it
Piero