You can use formula to convert API name back to label with case statement.

CASE(TEXT(field),
  "API 1", "Label 1",
  "API 2", "Label 2",
  "Error"
3)

PS: you will need to update your formula whenever you updates pick list values.

You can use formula to convert API name back to label with case statement.

CASE(TEXT(field),
  "API 1", "Label 1",
  "API 2", "Label 2",
  "Error"
)

PS: you will need to update your formula whenever you updates pick list values.