"The Walking Dead" isn't a new phrase. Twists and turns on "dead man walking" have been around for centuries to describe sick, sentenced, and soldier alike. It's a term that implies hopelessness. The person in question is already dead, their bodies just don't know it yet. A seemingly perfect description for zombies. Whether or not the zombies count as living or dead has been debated once a season and always provides food for thought. The zombies are not aware, they are dead on a literal level, and they are referred to as Walkers. All fair clues the title refers to them. But I believe the title is just as accurate for the survivors. Here's why...
5. Zombies Are Rarely Featured With The Title
This may seem like a weak point but marketing matters. The title of a show is intended to tell the audience what the show is about. All imagery associated with the show is created with the specific intent to give accompany that title with a visual cue and lodge the idea of the show into the viewers mind. With the exception of the combined sets the seasons always feature Rick (generally moving if not out right walking). Most of their promotional material shows the title and one of the survivors and again reflect movement. That is a strong indicator that the title refers to the image.