If it's the flat disk kind it really doesn't matter, if there's an arrow then follow directions. If you have a paper element and if there's no arrow the fuel should flow from the outside of the element to the inside. This gives maximum area for sediments to fall out and be caught in the bottom of the filter without clogging the filter.
With a inline filter don't use the intank one on the valve, very low quality, very small surface area and redundant with an inline filter.
The copper tank I'm building is getting a glass sediment filter ment for a Massey-Fergeson tractor