Elizabeth Taylor will lead jugglers, antique cars, fire engines, bagpipe players and a horde of curious stargazers around Harvard Square tomorrow afternoon before the Hasty Pudding theatrical club bestows upon her their 37th annual Woman of the Year award.

The parade will kick off at 2 p.m. from the intersection of Harvard Street and Mass Ave.

A seven-story navigation balloon, bearing the name of the club and of its new production "Cardinal Knowledge," will serve to direct those who cannot find Harvard St.--if the club can fit it in Quincy Square, Diane L. Nabatoff '77, club publicity manager, said yesterday.

The Pudding parade, which will also feature the Harvard Band and costumed cast members from the club's production, will clown its way down Mass Ave, circle around at Dunster St., and use Mt. Auburn to find its way back to the Hasty Pudding.

Following the award ceremony and reception, Taylor will see sneak-previews of the new Pudding club production and then hold a press conference.