SANTA BARBARA, Calif. (AP) _ President Reagan has invited Soviet Foreign Minister Eduard Shevardnadze to meet with him at the White House on Sept. 27 and the Soviet official has accepted, the White House announced today.

''This meeting will review all areas or our relations and help prepare for the president's meeting with General Secretary Gorbachev in November,'' White House spokesman Larry Speakes said.

The president and Mikhail Gorbachev are to meet in Geneva on Nov. 19-20. It will be the first U.S.-Soviet summit meeting of Reagan's 41/2 -year presidency.

Speakes, who is in California with the vacationing president, told reporters that the ''president looks forward to this meeting both to review U.S.-Soviet relations and to look ahead toward his meeting with Secretary Gorbachev in November.''

Secretary of State George Shultz and national security adviser Robert McFarlane will also take part in the meetings, Speakes said.

The meeting with the foreign minister had been widely reported, but the date had not been announced.