Building on the discussion led in the preceding comments, here's a solution that employs the \hypertarget/\hyperlink mechanism of the hyperref package to create cross-references that show text strings rather than numbers.
The commands \hypertarget and \hyperlink both take 2 arguments. \hypertarget creates a target; the first argument becomes the internal name of the target, and the second determines what's shown in the document. \hyperlink creates a link to the target created by \hypertarget. The first arguments of \hypertarget and \hyperlink must coincide, while the second arguments needn't, as is also shown in the following MWE (minimum working example).
\documentclass{article}
\usepackage[colorlinks,linkcolor=blue]{hyperref}
\begin{document}
\begin{description}
\item[FOO] \dots
\item[\hypertarget{list:test}{\textbf{TEST}}] \dots
\item[BAR] \dots
\end{description}
As was demonstrated in the \hyperlink{list:test}{TEST} item of the preceding list, \dots
\end{document}

\hyperlink/\hypertargetmechanism of thehyperrefpackage be acceptable? – Mico May 10 '20 at 05:16\cref``/\Crefto create the reference? Ideally, for consistency purposes, I would like to stick with using the\cref/\Crefcommand to create references (whethercleverref` is used under the hood I have no strong opinions about. From an outcome perspective, if I had to use a different command but had consistent behaviour for all references throughout the document, I would not mind. – David Poxon May 10 '20 at 05:20cleverefworks by greatly extending LaTeX's basic\label/\refmechanism. LaTeX associates the argument of\labelwith the most recently incremented counter variable. (E.g., each time a\sectiondirective is executive, thesectioncounter is incremented.) Unlike theenumeratelist environment, thedescriptionlist environment does not increment a counter variable when an\itemdirective is encountered. You'd have to graft some kind of secondary counter mechanism onto thelistenvironment -- and associate the new counters with the description list test items. Ugly... – Mico May 10 '20 at 05:32enumerateenvironment, you (more precisely,cleveref) would be all set to go. However, the cross-reference call-out produced by\crefwould be a number, not the implicit or explicit label associated with that number. This is why I was thinking about employing the\hyperlink/\hypertargetmechanism. – Mico May 10 '20 at 05:44