Hmm. Seems to me that targeted killing is a tactic. One that should be implemented within the bounds of some policy to achieve some end. If it is by a sniper against some tactical target on the battlefield, it is a tactical end. If it is by design to take out some senior or critical individual for a strategic effect, then it is strategic.
As a tactic, like counterterrorism or terrorism, it is not warfare per se, but rather may be employed in war or peace IAW a nation's policies.
Time, manner, place all contribute to any assessment of some specific killing if one is feeling compelled to place it in some specific bin.
I would recommend that the U.S. adopt a policy of targeted killings of specific individuals that they have publicly "tried" in absentia and found guilty of a capital offense. This would build my standing target list, then, like in all targeting, I would establish clear criteria for on call targets, or targets of opportunity that meet the criteria, but time urgency demands immediate engagemnt.
In conjunction with this I would drop the entire "war" label from our actions to defeat terrorism and also drop the current legal tool of naming organizations in total as "terrorist." Wars, of course, are messy and create tremendous strategic risk for major nations. As to the terrorist labeling of organizations, it simply ties our hands in how we deal with these groups, preventing many more reasonable approaches to bring them in from the cold and incorporate into effective solutions.
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