Col. Muammar Qaddafi accused President Reagan yesterday of waging war against Libya and predicted a U.S. embargo on his country's oil would lead to closer ties between Tripoli and Europe.

Qaddafi called on the United States to "retract this unreasonable position" and said "Libya will never submit" to American pressures. He also accused Reagan of "terrorizing" Libyans with the embargo, which was announced Wednesday in conjunction with fresh charges that Libya had plotted to kill Americans in Sudan.

Austrian Chancellor Bruno Kreisky has defended Qaddafi's visit by saying Austria needs to trade with Libya. Responding to mounting domestic criticism of Qaddafi's four-day visit, Kreisky said the U.S. allegations had never been proven.

Qaddafi said supporting Palestinian guerrillas was not the same as supporting terrorism because the Palestinians were waging a "just and understandable" struggle against Israel to regain their homeland.

Qaddafi visited the Austrian Parliament, met with trade union chief Anton Benya, and met a second time with Kreisky. The latter is expected to encourage expanded contracts with Libya for Austria's nationalized Voest steel company.

Foreign Minister Willibald Pahr is going to Washington Saturday and will brief American leaders on Qaddafi's visit, according to the Austrian national news agency.