There is currently no good mechanism to track this type of information. We can add customized fields to an application to gather this preference, but this is not visible by our Registrar over in "Academics" for her to see it so she knows which class section to register the student.
I've created a Customized Publishable Field to track the information. It does show up on the contact card which is helpful so that everyone in Enrollment Management and Academics can see it. However, there is no way to publish this to an application for parents to fill it out.