Four Palestinian guerrillas holding hostages in the Egyptian Embassy here surrendered this morning after negotiations with Palestine Liberation Organization mediators.

Turkish authorities said all the hostages still held were freed. Last night, three women hostages were released, also apparently as a result of talks with the PLO negotiating team. Earlier, three diplomats escaped and another fell to his death from a window.

The guerrillas - identified as members of a faction known as "Eagles of the Palestinian Revolution" made "V" signs and shouted Palestinian victory slogans before they were driven away in a black limousine to an undisclosed location.

The guerrillas and PLO negotiatiors, who flew in from Damascus, Syria, met for about two hours this morning before the surrender.

The hostages were released about 8:20 a.m. local time (1:20 a.m. EDT).

The "Eagles" had demanded a plane and free passage out of the country for themselves and their hostages and the release of two of their colleagues jailed in Egypt. They also asked Turkey, a member of NATO, to sever its ties with Egypt and Israel and recognize the Tplo's claims to Palestine.

Yesterday, the second day of the siege started with a strange escape, but soon turned violent.

Two Egyptian diplomats who had managed to escape the attention of the terrorists sneaked out of a ground-floor window at dawn and took refuge in an armored police car on the embassy lawn.

About an hour later, two other diplomats opened a third-story window and climbed out, holding on to the windowsill.

One lost his footing and fell, landing on his head on the concrete about 60 feet below. He died. The other man survived the jump with leg fractures, then was pinned down by gunfire from the guerrillas while an armored truck moved in to provide cover.

One policeman in the truck sprayed the building with a high-pressure stream of water from a hose, while another put the fallen Egyptian on a blanket and dragged him to the truck, a police official said.

The Egyptian diplomat was the third man killed so far in the drama, which began Friday when four Palestinian gunment stormed the embassy, killing two Turkish policemen and taking as many as 20 people hostage.

Among the last hostages released was the Egyptian ambassador to Turkey, Ahmad Gamal Olema. In all, 13 Egyptian and seven Turkish employees were believed to have been inside the embassy when it was taken over, although somre reports indicate there may have been fewer persons inside.

The women were released 25 minutes after two POL representatives, their hands on their heads, entered the building. Turkey's interior minister, Hassan Fehmi Gunes, was at the embassy gate to meet them when they came out accompanied by the PLO mediators.

The PLO team arrived on a special Turkish Airlines airplane after Turkey accepted an offer made in Beirut for their mediation. The four PLO men and two bodyguards had to drive from Beirut to Damascus after the Lebanese government refused to give landing permission to the Turkish aircraft.

A relaxation of tension in the siege of the Egyptian Embassy was visible almost immediately after the PLO team was flown into the city by an Army helicopter. Sharpshooters in flak jackets crouching under the trees disappeared and troops in armored personnel carriers began taking naps. Policemen walked on the pavement opposite the embassy without bothering to take cover.

The PLO has disavowed the seizure of the Egyptian Embassy and denounced it.

The "Eagles of the Palestinian Revolution" are believed to be a terrorist arm of the Syrian-backed Saiqa guerrilla army, one of eight factions in the PLO. The group was first heard of six years ago when it attacked a train in Austria carrying Jewish emigrants from the Soviet Union.

Abdul Ecevit, Turkey's social democratic prime minister, yesterday said that Turkey "sincerely accepts and supports Palestinian liberation and national rights." However, "the irresponsible behavior" of the terrorists had cast a shadow between Turkey and the Palestinians, he said.

Ecevit said that he considered the mediation efforts of the PLO as a "sign of good will." He added that he would take measures so that similar acts of terrorism would not be encouraged and further bloodshed could be avoided. CAPTION: Picture; Halise Afifi, left, who escaped from the Egyptian Embassy in Ankara, is escorted by a Turkish officer. AP; Picture 2, Turkish police sharpshooters take up positions near the Egyptian Embassy. UPI