According to Google (I don't know), port 5331 might an IP port used by Serproxy.
The hardware port for a serial port on a PC is usually something like 3f8 or 2f8 (hex), or 3e8 for COM3.
i'm just searching for appropriate labels for the input text fields where the user will enter these numbers
In my opinion, a name like "COM3", which identifies local hardware, is appropriate in the configuration UI for the server which has the COM port hardware (in the configuration of the client, connecting to a remote COM port, you might instead want to identify the remote COM port using any other arbitrary name).
The terms "Network port" and "Network address" aren't bad. They might be better (more understandable to a non-technical user) than "Proxy". You could also, I think, say "UDP port" or "TCP port" (depending on which protocol it is), and maybe "IPv4 address" for the machine (or let people specify the machine name and/or localhost instead of the IP address).