If these are service conductors (a service lateral), then I would say you can use it. It depends on how you parse the wording, but to me the cable or raceway restriction only applies to main power feeders. Here's the exact words (at least the first part):
For dwelling units, conductors, as listed in Table 310.15(B)(6), shall be permitted as 120/240-volt, 3-wire, single-phase service-entrance conductors, service lateral conductors, and feeder conductors that serve as the main power feeder to a dwelling unit and are installed in raceway or cable with or without an equipment grounding conductor. For application of this section, the main power feeder shall be the feeder(s) between the main disconnect and the lighting and appliance branch-circuit panelboard(s).
[This message has been edited by markp (edited 04-27-2006).]
