The Reagan administration Monday plans to publish a controversial proposal requiring that parents be notified if teen-agers under 18 seek prescription contraceptives from federally funded clinics.

The proposed regulation goes further than earlier publicized versions, specifying that the only exceptions would be if the "project director finds it would result in physical harm to the minor by a parent or guardian."

The proposal, as submitted to the Federal Register, says that "The exception is meant to apply to cases where there is evidence of a history of child abuse, sexual abuse, or incest, or when there are other substantial grounds to determine that notification would result in physical harm."

It would not apply to cases "where notification would result in no more than disciplinary actions of an unsubstantial nature."

An earlier version obtained by reporters had said simply that the notification could be withheld by the local clinics when it would have "adverse physical health consequences for the minor."

Notice would be required within 10 days after services are provided, with the clinic required to verify that the notifications were received by the parents or additional services would be denied. The new regulation, which would be promulgated by Health and Human Services Secretary Richard S. Schweiker, would not go into effect until concerned organizations have an opportunity to comment on it over 60 days.

Such changes "make the proposal considerably more stringent than any earlier drafts," said Asta Kenney, a spokesman for the Alan Guttmacher Institute, an educational affiliate of Planned Parenthood. She and other critics maintain that more teen-age pregnancies and abortion would result from the regulation.

"Obviously they have tightened up a lot of the language to keep us from finding a loophole," said William Hamilton, director of the Planned Parenthood Washington office, who warned that the regulation is designed to "destroy services to teen-agers."

Rep. Henry A. Waxman (D-Calif.), chairman of a House health subcommittee that recently held hearings on the subject, criticized the proposal as a "complete violation of the law and of the congressional intent behind it."

However, Sen. Orrin G. Hatch (R-Utah), chairman of the Senate Labor and Human Resources Committee, welcomed the changes as an indication that "the Reagan administration is moving in the right direction.

"Deferring to state laws with stricter regulations and notifying parents when prescription drugs or prescription devices are provided to their unemancipated children represents a moderate, common-sense approach," he said.

Rep. James H. Scheuer (D-N.Y.), one of the House authors of family planning legislation, charged that the administration was "once again pandering to the extreme right-wing elements who would turn this country back to the 18th century when sex supposedly didn't exist."

But several conservative organizations, including the anti-abortion American Life Lobby, already have complained to the White House that the proposal does not go far enough. They had sought to get "prior written consent" before birth control products or sex education is given to any minor child.

The new requirements would not apply to dispensing of prescription drugs for venereal disease or providing non-prescription drugs or devices to minors. Teen-agers would have to be informed in advance of the notification requirement.