No, it can't be tracked by its serial number. Unless Find My iPad was enabled on it then there isn't any way to locate it. If it was enabled then you could try locating it either via http://icloud.com on a computer or Find My iPhone on another device - but that will only work if it's connected to a network and the device hasn't already been wiped and/or Find My iPad disabled on it (if it had iOS 7 on it as your tagline suggests, and Find My iPad was enabled, then it should be harder to wipe).
You've reported it to the police ? You should also change your iTunes account password, your email account passwords, and any passwords that you'd stored on websites/emails/notes etc., and if it was a cellular model then also contact the carrier.