That won't work. They two points are not the same, and never will be. They may contain the same information, but that doesn't mean they are the same point.
Instead, try this:
if (tineline.Location.X == newlabel.Location.X && tineline.Location.Y == newlabel.Location.Y)
{
MessageBox.Show("HI");
}
When you do an "==" check, it checks the references, not the contents, except when such behaviour is specifically overridden, as it is for strings. There are exceptions to this for simple types, but most complex types work this way.