Former Secretary of State Henry A. Kissinger said last night it is "imperative" for the United States and Israel to coordinate their policies and end "the cycle of fear and reassurance" between them about a Middle East peace conference in Geneva.

No American President "would knowingly risk the future of Israel. Nor would he make a deal to undermine Israel's future for some global "consideration." Kissinger said in a speech prepared for delivery in New York.

"But there is always the danger that actions undertaken in good faith may inadvertently produce unforeseen consequences," Kissinger said. "If such a miscalculation took place, either Israel would become totally isolated or diplomacy would become abruptly deadlocked."

Kissinger said "a coordination of policies between Israel and the United States is therefore imperative" because the issues at stake in the projected Geneva conference, involving frontiers, security arrangements and other difficult questions, "cannot be left to the pressures of a conference."

His remarks were made at an American Jewish Congress dinner honoring former Israeli Prime Minister Golda Meir.

Kissinger reiterated his opposition to Arab demands for a separate Palestinian state, which he recently expressed at what was intended to be an off-the-record talk to the World Jewish Congress.

Last night he said: "A Palestinian state on the West Bank [of the Jordan River] is bound to be an element of instability both for Jordan and for Israel; it will compound the crisis, not solve it . . . It cannot be an accident that no attempt to create such a state was ever made during the 20 years of Arab rule in that territory."

Commenting on the offer of superpower guarantees of an Arab-Israeli peace settlement, recently mentioned by the United States and the Soviet Union in their joint statement on Oct. 1, Kissinger said, "Care must be taken that guarantees do not provide the pretext for an outside power to intervene constantly in the affairs of the area."