Certainly those are equivalent. Given a threshold graph by the first definition, we could keep the labeling function $a(x)$ equal to $c(x)$ and define $$S = \min\\{c(x) + c(y) : c(x)+c(y) > T\\}.$$ (Equivalently, this is $\min\\{c(x)+c(y) : xy \in E\\}$.) Then the set of edges defined by the condition $c(x)+c(y) > T$ is the same as the set of edges defined by the condition $a(x)+a(y) \ge S$.
Conversely, given a threshold graph by the second definition, define $c(x) = 2a(x)$ for all $x$ and define $T = 2S-1$. Then the set of edges defined by the condition $c(x) + c(y) > T$ is the same as the set of edges defined by the condition $a(x) + a(y) \ge S$.