The Carter administration is considering creation of a tripartite committee of business, labor and public members to set wage guidelines under a new White House anti-inflation program, government sources said yesterday.

A separate committee of "public" members is also being considered to set price and profit standards under the voluntary program.

Administration sources said a decision on the new program would be made within "the next day or two." They said they expected the White House to approve the plan.

The push for the wage panel, which would be very similar to the tripartite Pay Board set up by the Nixon administration under its mandatory controls program, is being advocated by both labor and business, sources said.

Under the proposed plan, both panels would serve as a review board for individual wage and price decisions before the Council on Wage and Price Stability considered whether they were within the guidelines.

Administration sources said the two panels -- particularly the wage panel -- would probably be given the power to "set, change or review" the government standards.

The proposed format would be basically in line with the approach used in every previous mandatory wage-price controls program since World War II. Unlike previous programs, however, the new Carter program would continue to be voluntary with no legal enforcement powers.

The new guidelines program, if approved, would help the White House co-opt organized labor in the White House fight against inflation. By allowing labor to have a hand in determining wage standards, the White House will probably avoid major union confrontations during next year's bargaining.

Labor sources indicated yesterday, however, that union cooperation with any new program would be determined by how much powere the wage committee was given in setting standards. "The key decisions on scope and power have yet to be made," one labor official said.

Administration sources said that labor, as it has in past controls programs, wants no part of the price setting or review mechanism. By staying out of the price side of the anti-inflation program, labor feels it is free to criticize any price actions it does not like.

The White House appears to have settled on a choice to head the pay panel, but sources yesterday refused to identify the individual. Any chairman of the pay panel, however, would have to be someone acceptable to both labor and management.

The mechanisms being proposed by the White House are in line with the type of program that has been urged by former Labor Secretary John T. Dunlop in the past. Dunlop, who served as director of the Cost of Living Council during the final phases of the Nixon controls program has maintained close ties with the nation's top labor and management leaders ever since leaving government.

The proposal comes as the Carter administration is preparing to enter the second year of its latest anti-inflation program.

The administration has been considering an easing of its 7 percent wage standard along with a tightening of the guidelines as they apply to increases in fringe benefits. The administration is also considering changes in its complex price standards.