Final answer:
The 'Party of Virtue' in Tibetan Buddhism is led by the Dalai Lama, whose current incarnation is Tenzin Gyatso, the 14th Dalai Lama, serving as both spiritual and political leader of Tibet.
Step-by-step explanation:
The reform movement of Tibetan Buddhism is referred to as the 'Party of Virtue.' The leader of this movement is known by the title 'Dalai Lama.' The current Dalai Lama is Tenzin Gyatso, who is the 14th to hold this title and is seen as a figure of great reverence and influence within the Buddhist tradition. He is recognized as both the spiritual and political leader of the Tibetan people. The Dalai Lama is believed to be the incarnation of past Buddhist Masters or Tulkus, who have the power to choose their time of rebirth to continue aiding humanity. Furthermore, in his role as the head of state for the government of Tibet, his past capital was located in Lhasa.