Wolf Trap hopes to raise $400,000 with a glittering benefit show at the Capital Centre Feb. 7 starring Bob Hope, Elizabeth Taylor, Sammy Davis Jr., rock singers Laura Branigan and Meatloaf, actor/composer Paul Williams, dancer Donna Wood, and others, Wolf Trap founder Catherine Filene Shouse announced at a press conference yesterday.

The benefit, to be produced by Zev Bufman and chaired by President and Mrs. Reagan, will be a key part of a $20 million national fund-raising effort undertaken to rebuild the Filene Center, which burned last April, and to establish an endowment to support performances and educational programs at Wolf Trap.

The owner of the Capital Centre, Abe Pollin, has donated the use of the building, and the performers are working for free, Shouse said. She added that Washington hotels are lodging the performers on a complimentary basis and providing them with limousines.

Bob Hope also gave a check, Shouse said. She declined to give the amount, but said it was "significant."

About 18,000 tickets to the benefit will be available for prices ranging from $10 to $1,000 to enable people from most economic strata to attend, Shouse said. Expenditures for the tickets would be tax deductible as contributions to Wolf Trap, she said. The higher priced tickets also include a buffet supper with the stars.

Shouse said additional performers would be added to the bill later. The U.S. Marine Band will perform as well.

Tickets are available at the Capital Centre box office, 1801 K St. NW; at TICKETplace, 12th and F streets NW; at all Hecht Co. stores in Washington and Baltimore; and at the Capital Centre.

"We expect people from Baltimore and California and Texas" to attend, Shouse said. She said the rebuilding, scheduled for completion for the 1984 season, is "right on schedule."

Public relations man Robert Keith Gray, chairman of Wolf Trap's board, was with Shouse at the press conference yesterday in the front room of her elegant downtown Washington town house. As the two stood talking to the assembled press in front of a lively fire in the fireplace, a servant in formal dress dispensed Bloody Marys and sherry.

Gray at one point said there was coffee for the press.

"Bloody Marys this morning," Shouse corrected him.

"Bloody Marys?" said Gray. Then he quipped, "It's known as softening up the press, Wolf Trap-style."