This paper considers the problem of joint transmitter waveform and receiver path optimization for target tracking by a multistatic radar incorporating one dedicated transmitter and multiple moving receiver platforms. The performance of multistatic radar, in contrast to monostatic radar, depends not only on the transmitted waveform but also on the multistatic geometry. The paper proposes a joint adaptive selection algorithm of the transmitted waveform and the receivers' heading commands to take advantage of both existing waveform-only and path-only optimization techniques. The proposed algorithm is developed to minimize the tracking mean squared error by minimizing the trace of the tracking error covariance matrix. A simulation example is presented to demonstrate the superior performance of the proposed algorithm compared to other existing waveform and heading configurations.