I have often wondered about this same question, and have never received a satisfactory answer...
My personal belief is fairly simple, and similar to kslee1000's approach; It has to do with behaviour. If the element will behave primarily as a compression member under vertical loading, it is a column. Buckling checks, stirrups to stabilise the compression steel, stirrups to permit safe formation of plastic hinges, etc, etc, column detailing approaches are required. If the element acts primarily as a flexural member, or the compressive load can be seen to dialate out accross a length of the element from point of loading, that is a wall.
I don't buy the argument of "either way is fine" which I have seen before, but have only my guy feel to back me up. I don't think you can expect a section to behave as a wall or a column just because you say it will... Nature will do whatever comes easiest.
I have heard ratios battered about previously as well, everything from h/d > 6 to h/d > 3. I will be very interested to see if anyone can post a code reference!
Cheers,
YS
B.Eng (Carleton)
Working in New Zealand, thinking of my snow covered home...