The transfer of the Army's Arlington Hall Station intelligence compound to the State Department's Foreign Service Institute cleared its last hurdle in Congress yesterday and now awaits President Reagan's signature.

The transfer has been eagerly awaited by Arlington County officials because the State Department is not expected to use all of the 87-acre site and the county hopes to use some of it for a playground or park and a new police station. The Army also is expected to keep about 15 acres of the site.

No decisions have been made on how much land the county may get at the centrally located installation on Rte. 50 between S. Glebe Road and S. George Mason Drive.

The transfer was temporarily bogged down last month when the House and Senate passed different military construction bills, and the issue was sent to conference.

Yesterday, the House approved a bill that the Senate had passed on Nov. 12 transferring the facility directly from the Department of the Army to the State Department.

A spokesman for Rep. Frank R. Wolf (R-Va.), whose district includes Arlington, said the bill also authorizes $30 million for the Army to move its top-secret Intelligence and Security Command from Arlington Hall to Fort Belvoir in Fairfax County.

The Army's decision to move its 1,500 intelligence employes touched off the scramble for the site, which the State Department will use to consolidate the location of training facilities for its prestigious Foreign Service Institute, which is now scattered at several other sites.

"It is important to ensure that the property is used in a manner desired by Arlington residents," Wolf said yesterday. "At my request, an advisory council has been established by the Department of State in cooperation with the Arlington Civic Federation to discuss plans for the property."