You can create the selection list itself in the controller and assign it to a property in your viewing model:
public IEnumerable<SelectListItem> OrdersList { get; set; }
The code in your controller will look like this:
model.OrdersList = db.Orders
.Select(o => new SelectListItem { Value = o.OrderId, Text = o.ItemName })
.ToList();
In a view, you can use it as follows:
@Html.DropDownListFor(model => model.CustomerId, Model.OrderList)
, . "", .