The most common and most likely answer to this crossword clue is the 7 letter word PEERESS
I've seen this crossword clue in The Sunday Telegraph
P
E
E
R
E
S
S
More clues leading to the result PEERESS
- A noble without equal’s all but 50
- Lady journalists covering extreme parts of empire
- Lady in crowd surrounding East European
- Lady, perhaps, showing journalists around borders of estate
- Noble, unrivalled Liberal must stand down
- Borders of Europe controlled by Iron Lady
- Noble lady even spies earl, eh, sis?
- Exercise before sangrias on vacation is noble
- Look by English ship for titled female
- Titled lady to go with topless gown
Buddy explains!

The straight part
We know that "Lady, perhaps" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case lady, perhaps = peeress.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does PEERESS mean?
PEERESS noun- A noblewoman married to a peer.
- A woman holding a noble title in her own right.