President Reagan's peace plan was left fluttering in the wind here this past weekend as two Arab leaders struggled to resolve their different approaches to it.
Palestine Liberation Organization officials described the talks between their boss, Yasser Arafat, and Jordan's King Hussein as ''very positive.'' And the PLO executive committee was summoned to Amman in readiness for a meeting.
But, at time of writing, it seemed unlikely that the Jordanian monarch would get the ''green light'' of PLO approval to enter United States-sponsored negotiations with Israel. The PLO officials insisted that their organization was not budging from its demand for an independent Palestinian state and direct involvement of the PLO in future peace negotiations with Israel - neither of which were conceded by the Reagan plan.
Mr. Arafat, at a press conference April 2, was reluctant to discuss his meetings with King Hussein as long as the talks had not been concluded. Senior aides of Mr. Arafat say the two leaders may meet once again for a final heart-to-heart talk.
The PLO leader told reporters that the future of President Reagan's call for Palestinian self-rule in the Israeli-occupied territories in association with Jordan ''depends upon the attitude of President Reagan himself.''
King Hussein is believed to have conveyed to the PLO leader Mr. Reagan's assurances that the United States will act to freeze Israeli settlement activity on the West Bank and accept West Bank mayors as part of a Jordanian-Palestinian negotiating team if King Hussein decides to enter into peace negotiations with Israel.
The President is reported to have repeated these assurances by telephone to the Jordanian monarch April 1.
Mr. Arafat declined to discuss the Reagan proposals at his press conference, saying that ''the Americans are still supporting with unlimited support the Israeli aggression and the Israeli military junta crimes.''
The PLO leader acknowledged President Reagan's refusal to deliver 75 F-16 jet fighters to Israel as long as Israeli troops remain in Lebanon. But he added, ''We have to remember that last week they (the United States) supplied them (Israel) with 200 Sidewinder rockets.''
Mr. Arafat said that the PLO's insistence on the Fez peace plan adopted by an Arab summit conference in Morocco last year is ''still under discussion.'' The PLO leader repeated his commitment to the Fez plan, which calls for the establishment of an independent Palestinian state and peace negotiations under the auspices of the United Nations.
Although little has emerged about the substance of the Arafat-Hussein talks, both PLO and Jordanian government sources say that disagreement centers on:
* The Reagan peace proposals.
The head of the PLO's military council, Abu Jihad, told reporters that the Reagan plan ''does not satisfy the Palestinian rights.'' Abu Jihad said the Reagan proposals stop short of recognizing the right of the Palestinians to determine their own future and did not accept the PLO as the spokesman of the Palestinian people.
Farouk Khaddoumi, the head of the PLO's political department, described the Fez plan as a ''minimum requirement,'' adding that there can be ''no more concessions.''
''It is up to Reagan to change his plan,'' Mr. Khaddoumi said.
* King Hussein's demand that the PLO authorize him to negotiate on behalf of the Palestinians.
PLO officials and senior aides to Mr. Arafat say they are insisting on the PLO's right to represent the Palestinians in future peace negotiations.
* The holding of an Arab summit conference in Morocco later this month.
Last week's call by King Hassan of Morocco for an Arab summit came, according to Western diplomats, at a ''most unfortunate moment'' because it may offer Mr. Arafat the opportunity to postpone the crucial decisions that King Hussein demands he take now.
PLO officials, including Mr. Arafat, confirmed that they are holding out for an Arab summit that may attempt to combine the Reagan peace plan with the Fez peace plan.
But, according to Abu Jihad, King Hussein has told the PLO that he ''is still studying'' this proposal.
It remained unclear whether Abu Jihad and Mr. Khaddoumi had been fully briefed by Mr. Arafat on his talks with King Hussein.
Said a member of the PLO's executive committee: ''We will know for sure where we stand once the talks have been concluded.''