I'd argue for not using either of the two, but if I have to chose I'd much prefer summation notation.
The symbol $\sum$ is the summation symbol. While it is derived from a capital sigma, usually one does not even literally use a capital sigma to typeset it. Observe $\sum_{i=1}^n i^2$ versus $\Sigma_{i=1}^n i^2$
One can then denote a sum using the summation symbol. One might say:
Express the sum of the first 230 odd natural numbers using the summation symbol.
Rewrite $1 -2 + 3 -4 + \dots +99-100$ using the summation symbol.
In this lecture we will recall how to use the summation symbol to express sums in a convenient form.
And if one says some formula like $\sum_{i=1}^{20}$ I would argue for "sum from one to twenty" and not "sigma from one to twenty."
I do not really see the need for a more dedicated term. But perhaps I am missing something.
If one does it like this, one then has in analogy $\prod$ the product symbol, derived from a capital pi $\Pi$. If one has used summation notation, one can call this product notation. Yet, if one has called it sigma notation one would call it pi notation? I find this not optimal.
There are various related symbols and notations, and I find it of considerable advantage to insist on the meaning rather than the appearance or even etymology of the symbol when referring to it.
Finally, while it is a arguably a bit farther away, consider the fact that the integral symbol is also derived from a letter, namely a long s, but we do not talk about the long s notation.