Five major producers of paper products and eight industry exectutives were indicted yesterday by a federal grand jury on charges of setting up a nationwide price-fixing scheme.

Amont the defendants named in the indictment were St. Regis Paper Co. of New York City, Philip Morris Industrial Inc. and a former president of a Philip Morris subsidiary.

The price-fixing conspiracy involves the sale of widley used glassine and greaseproof paper, products used as packaging for cigarettes, soaps, foods and cosmetics. Glassine paper is used to make windows in envelopes.

Sales in the industry for those products totaled about $11 million in 1975, the Justice Department said.

The government said there was "a continuing agreement, understanding and concert of action among the defendants and coconspirators, the substantial terms of which were to raise, fix, maintain and stabilize the prices and terms and conditions and terms of sale" of the products.

The other defendants include:

Deerfield Speicality Papers Inc., of Wellesley, Mass.; Robert R. Ackley, its former president, and Richard C. Emery, vice president for sales.

Robert G. Etter, former president of Nicolet Paper Co., a Philip Morris subsidiary.

Riegel Products Corp. of Milford, N.J.; John E. Griffith, the company's president, Orrin B. Clifford, vice president, John Babeuf, a sales manger.

Edwared J. Bogest, a former divisional sales manager for St. Regis Paper.

Westfield River Paper Co. Inc., of Russell, Mass., and Hollis P. Fowler, former president and treasurer.