'typeface' or 'font'? Which term is better known to a layman?
Solution 1:
If your system allows the user to select the typeface (Times New Roman, Courier, etc.), the weight (normal, bold, italic, etc), and the size (10pt, 11.5pt, etc), then you can both correctly and concisely refer to the process of defining these three options as "font selection", and be widely understood.
Even if your system has some restrictions, such as only supporting one particular weight for a given typeface/size, you can still refer to it as "font selection" since the complete trio of typeface/weight/size is still being determined by the defined process.