The explanation for the dual naming is in the following lines of plain.tex
837 \mathchardef\wedge="225E \let\land=\wedge
838 \mathchardef\vee="225F \let\lor=\vee
So \land is just an alias for \wedge and similarly for \lor.
LaTeX used to load a slightly modified version of plain.tex; when LaTeX2e was released, the aliases were kept for compatibility reasons in fontmath.ltx:
270 \DeclareMathSymbol{\wedge}{\mathbin}{symbols}{"5E}
271 \let\land=\wedge
272 \DeclareMathSymbol{\vee}{\mathbin}{symbols}{"5F}
273 \let\lor=\vee
(line numbers added for reference).
So what name you use is irrelevant. However, if a package redefines \wedge to point to another symbol, the meaning of \land would be unaffected.
\mathchar"225E. – GuM Jun 11 '16 at 22:58\wedgeis reminiscent of the shape, while\landalludes to one of the most widespread meanings. – GuM Jun 11 '16 at 23:14