There currently is no out of the box way to group wave labels by bundle parent and provide a x of y count on the wave label.

For example, 2pcs of a bundle item was sold on a sales order, when releasing the sales line to the warehouse, the bundle item is broken down to its components, the bundle has 3 components with a quantity of 1 each.

The desired outcome is that there would be 2 sets of 1/3, 2/3, 3/3 labels printed so the customers can assemble the sets properly.

I can currently group by the sales order but that gives 1/6, 2/6, ...

I recommend a tickbox added on the wave label template group to account for bundle components and provide the grouping on that level as well.