What is the appropriate name for a female master of ceremonies?
As odd as it may sound to anyone with a dirty mind, the feminine form of "master" is "mistress". Therefore, the proper title would likely be "Mistress of Ceremonies".
'Madame of Ceremonies' just doesn't cut it; and 'Madam of Ceremonies' conjures up visions of whips, chains, and dungeons.
The neutral term 'emcee' (derived from the initials M.C.) might be a better choice. Another possibility, although somewhat archaic, is 'interlocutor.' The Italian, 'madrina dell'evento' is still sexist, but could slip under the radar. 'Facilitator' and 'coordinator' sound a little bureaucratic, but would be appropriate in many circumstances. Perhaps, borrowing a term from TV news, 'anchor' would serve the purpose.
I suggest the simple word, 'host' (and not 'hostess').