Revit :: Family Status - Assign Parameter To Grab Phase Of Object And Adjust Label Accordingly

We use electircal elements in AutoCAD dwgs that have labels to indicate the status of the element by phase. For instance on a floor plan we might have elctrical outlets that are existing (E), new (N), demo (D), etc.  How does one do this efficietnly in REVIT?  Is there a way to assign a paramter to grab the phase of the object and then adjust a label accordingly?  This would be ideal because over time the element s might move from one phase to another such as from new to existing.