King Hussein of Jordan asserted here today that "there is no Jordanian option," such as American and Israeli policymakers suggest, to alter the deadlocked Camp David negotiations on Palestinian Autonomy.

Hussein also explained his refusal to meet with Henry Kissinger on the former secretary of state's recent Middle East tour as an attempt to show the Reagan administration that no "particular individual had the key to all the doors in this part of the world."

In an interview with several American and British correspondents, Hussein dismissed the idea of a Jordanian option as a piece of "Israeli fireworks" exploded to create "doubts and uncertainty" about him within the Arab world.

It also was meant, he said, to hide "the realities," namely, "that there is a Palestinian problem and no solution to this problem can be achieved without the participation of the people of Palestine."

"There is no Jordanian option. There are no options. There is a reality. Palestine and the Palestinians . . . and the proper and only representative is the Palestine Liberation Organization," he said.

The so-called Jordanian option is an expression used by some advisers of President Reagan as well as the Israeli opposition Labor Party to refer to the involvement of Jordan in the peace process to break the current impasse in the Camp David talks. It would involve creating some kind of Jordanian- Palestinian federation.

In the Israeli view, it also means Israel would maintain some military presence and settlements on the Israeli-occupied West Bank of the Jordan River. The Labor Party's views are newly important in view of coming Israeli elections in which the opposition is favored.

Hussein, interviewed at the close of the third Islamic summit conference here, stressed that "we are not an alternative" to the problem of Palestine and appealed to the Reagan administration not to become "prisoners of past policies, positions and mistakes."

Hussein seemed to be basing his refusal to see Kisinger on the former secretary of state's close association with these policies. "I did not think the visit of Dr. Kissinger was either timely or constructive because it was not in my view a personal visit," he said.

He also indicated that he did not feel Kissinger's mission in the Middle East, which Kissinger described as private, was the correct way to begin dealing with the new Reagan administration. "I felt and feel that when the time is ripe," he said, "the U.S. government will approach problems in this part of the world in the best way possible and in the direct way that we contemplate. So I did not feel that under these circumstances it was constructive really to meet Dr. Kissinger."

The Jordanian monarch also hinted that an additional consideration was a wish to avoid doing anything that might be interpreted as undercutting the authority of the new secretary of state, Alexander Haig. "The will of the Reagan people" is to create a "strong national leadership," Hussein said. t

The statements reflect the sensitivity among America's Arab alies concerning the Reagan administration, about which they share simultaneously doubts and hopes.

Hussein, like Saudi Arabian leaders, is hoping the new administration will break with the Camp David approach to the Middle East peace process. He said he would not even mention the word Camp David were he not asked about it, because the Carter administration-sponsored peace process was "a dead horse."

"I believe there is only one direction in which to go," he said, adding that the Reagan administration must "define first of all that the elements of peace must be in a clear and acceptable way."

Asked about his views of the Israeli Labor Party and its leader, the king noted that Shimon Peres was "not a newcomer" to the political scene and "a very able man." But he said the Labor Party had held various views in the past on peace negotiations involving Jordan, including one identical to that of the present Likud government under Menachem Begin. "They cannot keep changing their views and ideas of what a solution should be," he added.

The kind seemed to soft-pedal the importance of a resolution that the Islamic nations adopted here to wage a jihad, or holy campaign, against Israel, using "all their military, political, economic and natural resources including oil" to regain Jerusalem and occupied Arab lands.

He said jihad was a term that embraced "a very comprehensive area that is difficult to specify" and suggested that oil might better be used to build up the strength of the Arab countries rather than as a weapon against Israel's supporters in the West.