The former head of the Occupational Safety and Health Administration has formed a political action committee to combat budget cuts and staff reductions planned for the agency by the Reagan administration.

Dr. Eula Bingham notified the Federal Elections Commission this week about her plans to set up OSHPAC to raise funds to support "candidates of either party who are committed to strong health and safety programs" and to "work against selected members of Congress who have opposed such problems."

"Occupational safety and health programs are directly linked to the well-being of American workers," Bingham said in explaining why she founded OSHPAC. "The Reagan administration and congressional opponents of federal safety efforts just have not looked behind the budget numbers to see the almost inevitable results of their actions--increases in worker accidents and death."

Joining Bingham in heading OSHPAC is another Carter administration official, Esther Peterson, a long-time labor supporter who served as the president's consumer adviser. Also on the board is Frank Powers, the former political director of the United Mine Workers, and currently with the political consulting firm of R&J Co., which has been retained by OSHPAC to raise funds and gather political intelligence.