Given a matrix polynomial A(λ) of degree d and the associated vector space of pencils \DLP(A) described in
Mackey, Mackey, Mehl, and Mehrmann [SIAM J. Matrix Anal. Appl., 28 (2006), pp. 971-1004], we construct a parametrization for the set of left and right transformations that preserve the block structure of such pencils, and hence produce a new matrix polynomial \At(\lambda) that is still of degree d and is unimodularly equivalent to A(λ). We refer to such left and right transformations as structure-preserving
transformations (SPTs). Unlike previous work on SPTs, we do not require the leading matrix coefficient of A(λ) to be nonsingular. We show that additional constraints on the parametrization lead to SPTs that also preserve extra structures in A(λ) such as symmetric, alternating,
and T-palindromic structures. Our parametrization allows easy construction of SPTs that are low-rank modifications of the identity matrix. The latter transform A(λ) into an equivalent matrix polynomial \At(\lambda) whose jth matrix coefficient \At_j is a low-rank modification of Aj. We expect such SPTs to be one of the key tools for developing algorithms that reduce a matrix polynomial to Hessenberg form or tridiagonal form in a finite number of steps and without the use of a linearization
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