Have you run both to see what sort of loads they give you? How do they compare?
It's important to remember that these wind loads come from fluid dynamics. Air is a fluid moving around and interacting with objects, resulting in forces on those objects (our wind loads). The simplified calculations in ASCE 7 (and I do mean all of them - they are all very much simplified when compared to implicit functions of aerodynamics, drag, etc.) are based on certain circumstances and conditions - if you read through ASCE 7 and the commentary you can get a good idea of what they are, and if you still need more then there are several books that explain the development of those equations. Once you understand how the air is flowing around a building to create those loads, you can determine what to use for your situation. But, remember, MOST conditions aren't actually covered by ASCE 7 directly. You either have to use judgement to apply a similar but conservative loading to it, or you have to put it in a wind tunnel. Now, unless you're an academic or working on a high rise, very few people ever go the wind tunnel route, but it's important to understand the limitations of the tools you're working with.
So the answer to your question: it depends. Is the railing on the edge of a roof? Parapet. Is it on the edge of a large, expansive balcony with no roof? Parapet. Is it on the edge of a small balcony with a roof over it and walls around it? I'd be leaning more towards the wall C&C load since that space behind the railing will be at the same pressure or very similar pressure as the outside of the railing.
EDIT: also, these wind loads are approximations. Don't get caught measuring with a micrometer, marking with a crayon, and cutting with an axe.