Administration officials called on the government of South Africa yesterday to make "bold decisions" toward ending its racial segregation policy of apartheid and toward "political rights, justice and equality" for South Africa's black majority.

In identical statements, White House and State Department spokesmen called the situation in South Africa "very serious" because of escalating violence.

"The South African government has important decisions to make and is considering those decisions," the statement said. "I think if you see political rights, justice and equality, then you will see the will of the people be exercised."

White House spokesman Larry Speakes said he expects announcement of a reform package "within a matter of days." Congress is expected to give final approval in September to a package of economic sanctions, and the White House has hinted that President Reagan may veto it.

But national security affairs adviser Robert C. McFarlane told South African officials in Vienna last week that there must be "accelerated movement" away from apartheid in order for the veto to be sustained.

"It is time for bold decisions and it is time for those who believe in peace to reason together and agree upon and build a better future for South Africa," Speakes said.