Both, depending. For example, one of my teachers described her name as 節子、「季節」の「節」に「子供」の「子」と書きます。Or if it's a common word you can say something like 「見る」という(の)字. Then there's the 「たけのこ」はたけかんみりに「下旬」の旬 approach, where you name the 部首 and then name the part that's a full character by giving a word it's used in. たけのこ, by the way, is 筍 (⺮ is 竹, and it's called たけかんむり).