Perhaps you meant this:
t = 0:0.1:5;
y = sin(t);
z = cos(t);
figure; hold on;
for i = 1:2
p1(i) = plot(t, y,'r');
p2(i) = plot(t, z,'b');
end
hold off
legend([p1(1) p2(1)],'sin', 'cos');
ah1 = axes('position',get(gca,'position'),'visible','off');
legend(ah1, [p1(2) p2(2)], {'Test1','Test2'}, 'Location','SouthWest');
