It depends on how the signal is getting to the receiver. If you have the DVD connected to the receiver via a digital (optical or coaxial) connection, then your receiver is doing all the signal processing, and what you hear will reflect the receiver's settings.
If you have analog connections between your DVD and your receiver (6 or 7 RCA plugs), then your DVD player is doing the signal processing and the receiver is essentially just amplifying the signal. In this case, which is usually only true for players that can play DVD-A's and SACD's, then the DVD's settings will take precedence.
Some folks (myself included) have both kinds of connections. When I watch movies, the signal is transmitted via the digital link to my receiver, and when I listen to DVD-a's and SACD's, the signal gets to the receiver via 5.1 analog cables.
I hope this was clear.
Mark
