Hcfyk

Is it possible to use GraphicsGrid and do something like this?

$beginarraycccc
textX & Label1 & Label2& Label3\
Label4 & Plot1 & Plot2&Plot3\
Label5 & Plot4 & Plot5&Plot6\
Label6 & Plot7 & Plot8&Plot9\
endarray $

If you are willing to forego GraphicsGrid and give up some control over the placement of the decorations, it can be as simple as this:

Make a 3 x 3 array of graphics (this is adopted from a previous answer}

circles[n_] :=
 Module[r, cntr, 
 r := RandomReal[.25];
 cntr := RandomReal[1, 2];
 Graphics[Table[EdgeForm[Black], Hue[RandomReal[]], Disk[cntr, r], n], 
 PlotRange -> 0, 1, 0, 1, PlotRangeClipping -> True, Frame -> True]

lines[] := 
 Module[lf, rt, 
 lf := With[x = RandomReal[.48], Red, Line[x, 0, x, 1]];
 rt := With[x = RandomReal[.52, 1], Blue, Line[x, 0, x, 1]];
 Graphics[lf, rt, 
 PlotRange -> 0, 1, 0, 1, PlotRangeClipping -> True, Frame -> True]]

SeedRandom[4];
graphics =
 Apply[
 Show, 
 Partition[Transpose[Table[circles[8], 9], Table[lines[], 9]], 3], 
 2];

Make the headers:

colHeaders, rowHeaders = Partition[Table[Style[Row["Label", i], "TBI"], i, 6], 3];

Make the grid with TableForm:

TableForm[graphics, TableHeadings -> rowHeaders, colHeaders]

Here is an option:

plots = Table[Table[Plot[Sin[i x + j], x, 1, 10], i, 3], j, 3];
xlabels = "", "Label 1", "Label 2", "Label 3";
ylabels = "Label 4", "Label 5", "Label 6";
GraphicsGrid[Join[xlabels, Transpose[Join[ylabels, Transpose[plots]]]]]

Updated with a slightly prettier option:

xlabels = Text[Style[#, Large]] & /@ "", "Label 1", "Label 2", "Label 3";
ylabels = Text[Style[#, Large]] & /@ "Label 4", "Label 5", "Label 6";
Grid[Join[xlabels, Transpose[Join[ylabels, Transpose[plots]]]], Spacings -> 2, 1]

You could construct Graphics for the row and column headings. Something like this. Would have to adjust the vertical / horizontal placement of the label text.

plotGrid = Table[Plot[Sin[x], x, 0, 2 Pi], 2, 2];

plotRowHeader = 
 Table[Graphics[Style[Text["Label " <> ToString[i]], 12]], i, 2];

plotColumnHeader = 
 Table[Graphics[Style[Text["Label " <> ToString[i]], 12]], i, 3, 
 4] // Prepend[Graphics[Style[Text["X"], 12]]];

graphicsGrid = 
 plotGrid // Prepend[plotRowHeader] // Transpose // 
 Prepend[plotColumnHeader];

GraphicsGrid[graphicsGrid]