Hi.
I would love to generate cable markings for my small control panel builds. In both ends of the cable.

Example:
W1:5 - X1:705
And on the other end
W1:5 - Ve305:1

This is a conductor (5) In a cable called W1 that goes from a valve (Ve305) terminal 1 to X1 terminal 705.

Can this be automatically generated and is there a practice to be followed?

This way when building the cabinets you only ever really need the markings and knowing the names of the individual cables. Schematics are not needed.