During the past two years, music has played an unforgettable role in fighting hunger and homelessness worldwide, and will continue to do so as jazz greats Sarah Vaughan, Herbie Hancock, Tom Scott, Stanley Clarke and Carmen McRae band together to kick off the "Jazz to End Hunger" program. The jazz artists plan to make a video and album titled "Keep the Dream Alive," to be released at Christmas. A Thanksgiving television special is also planned, and officials hope the overall effort will raise more than $1 million to aid the hungry and homeless. Other artists involved in the project include Billy Eckstine, Ray Brown, Eloise Laws, Mark Murphy, Kenny Rankin, Della Reese, Maynard Ferguson and Larry Carlton, the event's organizers say.

Perhaps results will be as encouraging as those of the Hands Across America event, which has topped $41 million in pledges and contributions. With expenses apparently less than anticipated, Hands organizers said they may reach their goal of $50 million. "Income increases, and the expenses keep coming down," organizer Ken Kragen said. "I've never seen anything like it." A month ago, the pledges and receipts amounted to less than $28 million. Kragen and USA for Africa Executive Director Marty Rogol said more than $33 million has been received and another $8 million has been pledged to the hunger cause. A Stately Wedding

The 400 Tiffany invitations are out for the wedding of Caroline Kennedy, 28, and New York entrepreneur and author Edwin Schlossberg, 41. A partial guest list for the July 19 ceremony, published in yesterday's Boston Herald, seems partial to members of President Kennedy's administration. Receiving invitations were Kennedy's speech writer Ted Sorensen, press secretary Pierre Salinger, national security adviser McGeorge Bundy, defense secretary Robert McNamara and secretary of state Dean Rusk. The couple have also invited singer Andy Williams, New York Mayor Edward Koch, former New York governor Hugh Carey, Supreme Court Justice Byron White and ex-Secret Service agent Jack Walsh.

The wedding will be held at Our Lady of Victory Church in Centreville, Mass., with a reception following at the Kennedy compound in Hyannis Port. Former 'Dynasty' Actor Has AIDS

Actor Paul Francis Keenan, who worked on the TV series "Dynasty," as did Rock Hudson, has become the second cast member to contract AIDS.

"I don't believe that AIDS is something to be ashamed of, something that I should have to keep a secret," said Keenan, who found out he had AIDS about seven weeks ago. Keenan, who is hospitalized at St. Clare's Hospital and Health Center in New York, said he chose to keep his homosexuality a secret when working in image-obsessed Hollywood.

Keenan, who played Todd Chandler on the daytime TV soap opera "Days of Our Lives," portrayed stable hand Tony Driscoll on "Dynasty" in the 1982 and 1984 seasons. In his last acting job, he starred in the 1984 CBS TV movie "Summer Fantasy," opposite Julianne Phillips, who later married rock superstar Bruce Springsteen.

Keenan said Hudson, who was 59 when he died Oct. 2 of complications from AIDS, was only a friend. They never worked together, despite their appearances on the series, and it's "absolutely not a possibility" that he contracted AIDS from Hudson. Out and About

Queen Elizabeth II, in a break with tradition, will personally award an honorary knighthood to rock singer Bob Geldof in recognition of his work in African famine relief, Buckingham Palace announced yesterday. Ordinarily, the foreign secretary presents honorary knighthoods, but Geldof has been invited to the palace July 24 to receive his award from the queen. The Irish rock star, who organized the Live Aid concerts and other events that raised more than $100 million for famine relief, will not be able to call himself Sir Bob, as he would if he were a British citizen, but can use the initials KBE -- Knight Commander Order of the British Empire -- after his name . . .

Live Ed, a benefit concert staged to aid the broke founder of the fan club of Mr. Ed, television's late talking horse, was so successful that the club's founder, James Burnett, is optimistic another one will soon take place. Some 600 enthusiastic fans of the "Mr. Ed" television show, including the horse's human costar, packed a nightclub in Dallas Thursday night. Fans cheered when Alan Young, who played the horse's owner, Wilbur Post, on the series, arrived to present a pair of Mr. Ed's shoes to Burnett. Burnett, 27, of Cedar Hill, Tex., near Dallas, said the shoes have been placed in his Museum of Ed, located at the record store where he works. Numerous bands played for the crowd, and a new version of the show's theme song -- rewritten by Jay Livingston, who wrote and sang the original "Mr. Ed" tune -- was played.