More formal:
* Present participle adjective: This emphasizes the grammatical form.
* Verbal adjective: This focuses on the adjective's origin as a verb.
Less formal:
* Adjectival participle: This is a bit more descriptive.
* Participial: This is a very short and informal option, but it might be understood differently depending on the context.
Ultimately, the best term is the one that is most appropriate for your audience and purpose. If you're not sure, sticking with "participial adjective" is always safe.