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Electrum uses "lexicographical ordering" as per BIP45: https://github.com/bitcoin/bips/blob/master/bip-0045.mediawiki#cosigner-index
But, because it is an HD version of Multisig... the ordering is of the "purpose keys'" of each co-signer (m/45') and is used to determine the co-signer index of each party, which then determines the order of the individual public keys when combining them to create an "address" script... this may result in individual scripts where the public keys are not ordered lexicographically.
As opposed to a "non-HD" multisig, where the combined public keys would (should?) always be lexicographically ordered.