Woman finds her majesty transparent (5)
I believe the answer is:
sheer
'transparent' is the definition.
('sheer' can be a synonym of 'transparent')
'woman finds her majesty' is the wordplay.
'woman' becomes 'she' (**).
'finds' is a charade indicator (letters next to each other).
'her majesty' becomes 'er' (Elizabeth Regina).
'she'+'er'='SHEER'
(Other definitions for sheer that I've seen before include "Very thin as in ladies' stockings" , "Unmitigated; perpendicular" , "Film" , "Precipitous or fine" , "Simple" .)