Both of the prior responses (creating a new CustomControl or an Adorner) are better practices, but if you just want quick and dirty (or to understand visually how to do it) then this code would work:
<Grid Width="300" Height="50">
<ProgressBar Value="50" />
<TextBlock HorizontalAlignment="Center" VerticalAlignment="Center">
My Text
</TextBlock>
</Grid>
Just keep in mind that the z-index is such that the last item listed will be on top.
Also, if you don’t have Kaxaml yet, be sure to pick it up – it is great for playing with XAML when you’re trying to figure things out.