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On that particular stencil (HP Proliant DL Series Q1 2008) the labels aren't Notes text. They're ordinary text entered into the shapes, but offset 100% to appear outside them.

I think the placeholder to which tracphil refers is the text entry box for the server graphic, which appears only when you double-click it.

Its location is controlled in the Text Offset setting in the bottom panel of the Style:Text inspector. The stencil object comes with the X offset set to 100%. Setting it to 0% or clicking the "Use default offsets" checkbox returns the text area to the interior of the shape. The text entry box is still there when you double-click the graphic, it's just impossible to see within the server image.