Reggie Jackson homered deep to right field leading off the last of the ninth inning yesterday, giving the New York Yankees a 4-3 victory over the Baltimore Orioles.

Jackson drilled a 2-1 pitch off reliever Tippy Martinez 350 feet into the right field seats. It was his second homer of the year after the crowd of 15,628 at Yankee Stadium had cheered him on with cries of "Reggie, Reggie, Reggie."

In the seventh inning Yankee reliever Sparky Lyle replaced starter Ron Guidry and walked Gary Roenicke with the bases loaded, giving the Orioles at 3-3 tie. Lyle picked up his first victory of the year without a loss.

Jackson walked for the second time to open the fourth inning, stole second and gave the Yankees a 2-1 lead when Chris Chambliss singled to center. Chambliss made it 3-1, coming home on Roy White's single to right.

Singles by Mark Belanger, Roenicke and Lee May brougt Baltimore within a run, 3-2, in the sixth. In the first Al Bumbry led off with a single, moved to third on Belanger's double and came home on Roenicke's sacrifice fly.

Earlier, managers Earl Weaver of Baltimore and Billy Martin of New York made peace in the wake of the Monday night's beanball fuss and vented their anger instead at umpire Joe Brinkman.

The rival managers, who took several menacing steps toward each other during the seventh inning of Baltimore's 6-1 victory, held a friendly discussion near the batting cage prior to yesterday's game.

"He apologized, in a sense, and, I accepted it," said Martin, who had threatened to "deck" Weaver during the pregame meeting with the umpires, because he thought Weaver had threatened to throw at Thurman Munson.

Both managers critized Brinkman's handling of the situation. Weaver was unhappy because the umpire didn't warn Yankee pitcher Rick Gosge for a brushback pitch and then Brinkman relayed Weaver's remarks to Martin. The Yankee manager reacted because the thought Weaver had intimidated Brinkman into issuing a warning to the New York bench."

"I could have been a heel and thrown Weaver out right away when he made the threat," Brinkman said yesterday, "And I could have thrown Marin out when he accused me of being intimidated. I tried to be a nice guy and look what happens.

As Weaver and Martin started toward home plate before yesterday's game, Jackson stepped in front of Martin with his arms extended like a boxing referee.

"Hey, Billy," Weaver said, "May be we should stay mad at each other. We need to draw big crowds when you come to Baltimore next week."

"Aww," Martin replied, "Baltimore's such a lousy town Francis Scott Key went out in a boat to write the Star Spangled Banner."