Covered in greens of a golden age, set in stone
Follow me, "he sounded of dreams supreme" follow me
Drifting within the glow and the after-glow of the eve
Most of all play with the game of the age
Highest of places remain all as one with you
Giving us light and the freedom of the day
And have always been here
Set in the homes of the universe we have yet to go
Countless expansions will arrive and flow inside of us
My friend, he of fantasy, dancing with the spirit of the age

Hmm, I'm surprised this song has received little attention. It's a tricky one, and was hoping to find some ideas. Ok, here an idea. The reference to "seventh age" i.e. the seventh age of man, made me think perhaps the writer had a friend who has passed through the seventh age and onto what lies beyond. Possibly the writer discussed the afterlife and where one might travel were one to be free of physical limitations.
Another interpretation could be part religious, part van daniken! He could be implying a religious figure from history (maybe Jesus!) was through his teachings imploring people to "follow" him to anotherlevel of existance, where one was free to travel to "the homes of the universe we have yet to go" - be that universe physical, or spiritual, i.e. within ourselves.
Well, just one of many interpretations :-)

I've been a YES fan since 1978, when I was 14. That is over forty years of fanmanship. I became a fan just in time to see the release of "Going for the One" and, one year later, "Tormato". So I enjoyed a while of the "Golden Age" of YES, before they went into remission around 1980.
In spite of being educated as a linguistics and literature teacher, I've always had to struggle with Jon Anderson's lyrics. Lots of it is gibberish, just made-up words and phrases just for the heck of it. Let's call it 'associative poetry', like it was popular in the 1950's and 1960's (when Jon grew up).
It was with 'Madrigal' that I realized, young as I was, that I really did not have to take all these lyrics seriously. I loved (and still love) the music, the instrumentation, I love Jon's vocal part, and will gladly sing along. But I have no need to establish any definite 'meaning' of this song. I think there isn't, and there never was.
this song is only about what you think it is about. A lyrical Rorschach test, if you like.

Space travel and cosmic exploration in an age of galactic peace. Sacred Ships, Celestial travelers I think its pretty straightforward. Oggy99 pointed out the religious meaning of the 7th age, but I don't think its supposed to be literal, mainly just a time of universal peace and love.
@Scroungler totally agree, it is straight forward. I have gone through so many phases and eras of my connection to Yes's lyrics, music, and "intention". Aside from hearing Roundabout and All Good People on the radio, around the same time discovering Rush., Yes's bratty little brother, sneaking in their room and stealing their weed, yet I digress. Instead of giving a 3000 word dissertation on my psychic connection to Yes and how they wrote Big Generator about me, I'll say Madrigal reminds me a lot of Alan Watts. My friend covered in greens set in stone, sounds to me...
@Scroungler totally agree, it is straight forward. I have gone through so many phases and eras of my connection to Yes's lyrics, music, and "intention". Aside from hearing Roundabout and All Good People on the radio, around the same time discovering Rush., Yes's bratty little brother, sneaking in their room and stealing their weed, yet I digress. Instead of giving a 3000 word dissertation on my psychic connection to Yes and how they wrote Big Generator about me, I'll say Madrigal reminds me a lot of Alan Watts. My friend covered in greens set in stone, sounds to me like a statue, I picture Angkor Watt, which I always thought were next level outer world inspired higher level beings. Maybe Jon is communicating with these beings, getting stories of the Celestial Travelers.,who Have Always Been Inside of us reminding me of Alan Watts, the idea that all knowledge all beings of this earth and roundabout (heh) exist in this moment, here, hear, and now and always, inspires me to explore parallel universes within this moment. The aforementioned statue in Angkor Watt is actually the moss covered stone in my hand beckoning to their siblings ocross the ocean. The internet within.
@Scroungler totally agree, it is straight forward. I have gone through so many phases and eras of my connection to Yes's lyrics, music, and "intention". Aside from hearing Roundabout and All Good People on the radio, around the same time discovering Rush., Yes's bratty little brother, sneaking in their room and stealing their weed, yet I digress. Instead of giving a 3000 word dissertation on my psychic connection to Yes and how they wrote Big Generator about me, I'll say Madrigal reminds me a lot of Alan Watts. My friend covered in greens set in stone, sounds to me...
@Scroungler totally agree, it is straight forward. I have gone through so many phases and eras of my connection to Yes's lyrics, music, and "intention". Aside from hearing Roundabout and All Good People on the radio, around the same time discovering Rush., Yes's bratty little brother, sneaking in their room and stealing their weed, yet I digress. Instead of giving a 3000 word dissertation on my psychic connection to Yes and how they wrote Big Generator about me, I'll say Madrigal reminds me a lot of Alan Watts. My friend covered in greens set in stone, sounds to me like a statue, I picture Angkor Watt, which I always thought were next level outer world inspired higher level beings. Maybe Jon is communicating with these beings, getting stories of the Celestial Travelers.,who Have Always Been Inside of us reminding me of Alan Watts, the idea that all knowledge all beings of this earth and roundabout (heh) exist in this moment, here, hear, and now and always, inspires me to explore parallel universes within this moment. The aforementioned statue in Angkor Watt is actually the moss covered stone in my hand beckoning to their siblings ocross the ocean. The internet within.