Are you talking about sensors to be connected to a human arm or a robotic arm equivalent?
Gyroscopes are handy as they can be moved along any axis, or multiple axis at a time and will return the current angle of the device. Accelerometers can be great for initial calibration or preventing gyroscope drift, but due to how they work, they may report an incorrect orientation if the object is accelerating along the XYZ axis even if it is not rotating. This can be compensated for in software, but get ready to break-out some math skills.
If you are using these sensors on a model or robot arm, the above mentioned rotary encoder is ideal.
(It could be used on your arm as well... but you would need to wear an apparatus like forest gump used on his legs
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