This is pretty common. And, Labs can play really rough. I have two males, equal in weight, one is five and one is two, and sometimes it's like watching the bears fight on National Geographic!
There are a few options. One is to let them figure it out. The other is to intervene. If you chose to let them figure it out, note that it only works if the "victim" is willing to deal with it. Some Labs are just too easy going to bother. If you choose to intervene, there are a few ways to do things. Note that since your newly rescued pup is a bit older, there is a very good chance that this is something she has always done and a habit that can take a very long time to break.
You can leave a long-line on the pup and right before she gets to the place where she is going to harass the other dog, give her a timeout by saying, "take a break" or "that's enough" or something and reel her back in. Give her a treat and make her wait until she is calm, maybe a down stay. Rinse and repeat. You can also do all of this, but crate her, being indifferent, not as a punishment. The goal is to not let her get to that place and eventually condition her to stop and think before she starts.
If you get angry, and do the "no bad dog" thing and take her away and punish her, one, she won't know what she is being punished for. Playing? Being around the other dog? Two, there's a good chance you will destroy your recall and she may run away from you. She will definitely continue to do it when you are not around or if she is in a safe distance from you. Or three, you will just confuse her and shut her down. Much of that depends on her temperament.
The important thing is to try to reel her in BEFORE she starts. It's a conditioned response at this point, something that needs to be redirected.