The Federal Reserve Board under Paul A. Volcker has done a good job, but there are others equally qualified to run the nation's central bank, President Reagan's chief economic adviser said yesterday.

At a press briefing, Martin S. Feldstein was asked whether there was anyone better qualified than Volcker to be Fed chairman. Volcker's four-year term expires in August.

"I think the Fed has done a good job," Feldstein said. "I think other people could also do a good job . . .

"I think the principles are what matter, and the Fed has shown its ability to sustain the decline in inflation and to provide financial resources for an economic recovery," said Feldstein.

Feldstein, asked if he would like to see Volcker reappointed, said he would leave that decision to Reagan.

Meanwhile, the nation's business leaders, attending the spring meeting of the Business Council in Hot Springs, Va., indicated they favored reappointment of Volcker but warned that prospects of $200 billion federal budget deficits threaten chances for sustained economic recovery. In a show of hands, 13 of 14 of the nation's business chiefs showed support for another term for Volcker.

Treasury Secretary Donald T. Regan told reporters after addressing the executives that although huge deficits do not endanger the economy immediately, by 1985 they could force a return to a "very strict monetary policy" and "endanger recovery."

Regan raised concerns over Congress' failure so far to come up with a 1984 budget resolution.

"I would like to see the Congress really come to grips with the budget question and enact a budget resolution so that business people as well as ordinary workers could understand what the federal government's doing," Regan said. "The financial markets want to know what are these deficits going to be."

But the Treasury secretary warned Congress it would be "foolish to tamper with" the third phase of the administration's income tax cut because it is "needed to help us sustain the recovery."

He also warned President Reagan remains committed to veto any bill repealing the 10 percent tax withholding on interest and dividend income. Such a bill is pending in the House.