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Do you need a legend? Or a label? If just a label, then I would suggest using TextAnnotation.
You can place the annotation on the Axis by using CoordinateMode.Relative, e.g.
<s:TextAnnotation XAxisId="YourXAxisId" YAxisId="YourYAxisId" Text="Series 1" CoordinateMode="Relative" X1="1" Y1="0" HorizontalAnchorPoint="Right"/>
This will place an annotation on the top right of the specific YAxis.
Please let me know if this helps,
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