It may identify the member leading the orchestra (7)
I believe the answer is:
armband
'it may identify' is the definition.
(I've seen this before)
'member leading the orchestra' is the wordplay.
'member' becomes 'arm' (member can mean a limb).
'leading' means one lot of letters go next to another (some letters go in front of others).
'the orchestra' becomes 'band' (large musical group).
'arm'+'band'='ARMBAND'
'the' acts as a link.
(Other definitions for armband that I've seen before include "Something worn around sleeve" , "Worn by football captain or mourner" , "It signals captain" , "addition to jacket?" , "Inflatable aid for those learning to swim" .)