No, it’s not correct (since, as you note, a label
is associated with exactly one form input).
To label a group of inputs that belong together, use a <fieldset>
and a <legend>
:
<fieldset>
<legend>Range</legend>
<label for="min">Min</label>
<input id="min" name="min" />
<label for="max">Max</label>
<input id="max" name="max" />
</fieldset>
References: