Setting the label as a child of the button seems like a good way to do it . The button still works as expected and has its appearance defined by the label.
Qt Code: 
  1. #include <QApplication>
  2. #include <QPushButton>
  3. #include <QLabel>
  4.  
  5.  
  6.  
  7. int main(int argc, char *argv[])
  8. {
  9.     QApplication a(argc, argv);
  10.  
  11.     QPushButton *button = new QPushButton(NULL);
  12.     QLabel *label = new QLabel("<h2><i>Hello</i> ""<font color=red>Qt!</font></h2>",button);
  13.     QObject::connect(button, SIGNAL(clicked()), &a, SLOT(quit()));
  14.     button->show();
  15.     button->setWindowTitle("HelloWorld Test Program");
  16.  
  17.     label->setAlignment(Qt::AlignCenter|Qt::AlignVCenter);
  18.     label->show();
  19.  
  20.     return a.exec();
  21. }
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