Here is one alternative to achieve your output. Since you're after referencing the name of a label, using a sectional unit is ideal.
In the example below, I've defined \Item to be similar to \paragraph (it is set at the "paragraph level" with some spacing adjustments) in the sense that it is now a sectional unit. As such, using \label{<lab>} and \nameref{<lab>} works as expected:

\documentclass{article}
\usepackage{nameref}% http://ctan.org/pkg/nameref
\makeatletter
\newcommand\Item{\@startsection{paragraph}{4}{-2em}%
{0pt}%
{0pt}%
{\normalfont\normalsize\bfseries}}
\makeatother
\begin{document}
For more information, see~\nameref{soft_reset_perf} or~\nameref{something}.
\begingroup
\setlength{\leftskip}{2em}% Correct for \Item adjustment
\Item{perf}:~\label{soft_reset_perf} Indicates that a soft
reset has been performed. Here is some more text. Here is some
more text. Here is some more text. Here is some more text.
\Item{something}:~\label{something} This is just an interesting
item that will be referenced by name at a different location in
the document.\par
\endgroup
\end{document}
To mimic an itemize environment, I've typeset the \Item with a 2em negative indent (undent?). As such, to correct for horizontal shift, the left margin has been pushed right by 2em (by setting \leftskip). For help on the specific components in the definition of \Item, consider reading Where can I find help files or documentation for commands like \@startsection for LaTeX?
Although I've used nameref, it works just as well with hyperref.
\ref? – N.N. Dec 07 '11 at 11:59