The State and Defense departments yesterday released an 800-page compilation of selected Grenadian government documents that its authors said proves "a single-minded dedication" on the part of the deposed Marxist government of the late Maurice Bishop toward "creating, over time, a communist society on the Soviet model."

The printing and release of 10,000 copies of the documents coincides with a series of events marking the first anniversary of the Grenada invasion. These include a White House reception for 50 of the medical students who were rescued from the island and rallies at 117 college campuses. The rallies were organized with help from the College Republican National Committee.

The overlapping interests of the Reagan administration, conservative members of Congress and private organizations in the Granada project were illustrated by a news conference yesterday on Capitol Hill.

It was arranged by the Conservative Opportunity Society, whose press release said the captured documents "confirm that 600 American students . . . on the island came very close to being taken hostage by communist revolutionaries."

The two authors of the released volume, Dr. Michael Ledeen, a consultant to both Defense and State, and Herbert Romerstein, a United States Information Agency official, said they had not written the press release. Their work, Romerstein said, showed that the government planned to isolate the students because a counterintelligence document showed they were considered to be "dangerous persons."

Rep. Duncan L. Hunter (R-Calif.), who also appeared at the news conference, said his group would distribute the volume at student rallies.

Rep. Newt Gingrich (R-Ga.) said his new American Opportunity Foundation, whose tax-exempt status is still pending, was also participating in the Grenada programs. A Washington Post story yesterday calling attention to these activities, Gingrich said, might make the hearing on his foundation petition "more exciting."

Yesterday, Rep. Fortney H. (Pete) Stark Jr. (D-Calif.) wrote the Internal Revenue Service seeking a review of the status of tax-exempt foundations that are supporting activities, saying they were political, rather than nonpartisan, in nature.