I believe women have the right to be whatever they want to be and there is a law saying women have rights and etc. I don't have to get into it for you to know that a master of ceremony can be female. But I admit that I don't know for sure.
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".
Alternate answer:.
Many will...