The Senate, ignoring threats of a presidential veto, voted 85 to 10 yesterday to renew the independent counsel law for five years with new provisions aimed at preventing interference from the administration.

The bill goes to a conference with the House, which adopted a similar and, in some respects, stronger measure last month, 322 to 87.

The chief sponsors of the Senate version, Carl Levin (D-Mich.) and William S. Cohen (R-Maine), said passage would again affirm congressional determination that the system is constitutional and leave the final word on that question, now pending in several cases, to the Supreme Court.

President Reagan, who signed the current law in 1983 without expressing reservations, has not made a decision about reauthorization, a White House aide said last night. But he said the Justice Department, which recently assailed the law as unconstitutional, and the president's Office of Management and Budget are expected to recomend a veto.

Unless reauthorized, the law would expire Jan. 2.

The bill went to the Senate floor with a committee report sharply critical of Attorney General Edwin Meese III and the Justice Department for frustrating several preliminary investigations under the law and for using an "improper" standard in deciding whether to seek independent counsels in cases affecting high-ranking adminsitration officials.

Meese, whose conduct is under investigation in the Wedtech scandal and the Iran-contra affair, appeared again yesterday before a federal grand jury directed by independent counsel James C. McKay and investigating Wedtech lobbying.

Meese testified for about four hours and is scheduled to return for another, presumably final, session today.

The closest call in the Senate yesterday came on an amendment by William L. Armstrong (R-Colo.) to add members of Congress to the list of officials subject to mandatory coverage. It was tabled, 49 to 46, predominantly along party lines.

Some of the support for Armstrong's proposal reportedly came from lawmakers anxious to see Democrats mired in controversy, such as House Speaker Jim Wright (D-Tex.), brought under special investigation.

The law now provides for court-appointed prosecutors to take the place of the Justice Department in investigating alleged wrongdoing on the part of high administration officials. Independent counsels also can be assigned to investigate members of Congress, but this is at the discretion of the attorney general.

Sen. Orrin G. Hatch (R-Utah) reiterated Justice Department contentions that the law, in providing for appointments by a special three-judge federal court, is an unconstitutional infringement on the prerogatives of the executive branch.

Hatch argued that Congress should wait until the courts settle that question and leave the law as it stands for two more years. He was defeated, 72 to 23.

"We've had two presidents {Jimmy Carter and Ronald Reagan} sign it who could have vetoed it if it was unconstitutional," Cohen said. "And when Ed Meese was under attack {in 1984}, who did he turn to? The independent counsel. If it were not for that act, he probably would not be attorney general today."

Cohen was referring to the 1984 investigation of Meese's finances by independent counsel Jacob Stein. Stein found no basis for indicting Meese, who was then counsellor to Reagan at the White House.

Once appointed, an independent counsel can be removed by the attorney general only for "good cause," but the Justice Department has recently asserted that under this standard, President Reagan would be justified in firing a counsel for refusing to obey a valid order, such as a presidential directive to grant immunity to a target.

The Senate bill would prohibit such dismissals from being made under the "good cause" standard.

Despite provisions distasteful to the administration, the Senate bill makes a major concession in giving the attorney general exclusive authority to refuse to expand an independent counsel's jurisdiction, as Meese did in the case of a longtime friend, former deputy attorney general Edward Schmults and another former high-ranking Justice Department official.

The House bill, by contrast, would allow an independent counsel to bypass the attorney general and go directly to the special court for permission to broaden an investigation.