'Senior people' does not mean elderly. So I'd say of those two, 'elderly people'.
Synonyms for 'elderly people' would be:
Seniors (Possibly. I can't say I've heard it used for 'elderly people' and, as GuideDogSaint says, it would be heavily reliant on context.)
Senior citizens (Possibly UK only, some feel it's patronising.)
Old people
The old
The elderly
The aged
Pensioners
(Off the top of my head.)