You can use LinkConnect with LinkCreate to set up peer-to-peer communication between two Mathematica processes.
LinkConnect can be used to connect to a link created by calling LinkCreate in another Mathematica process.
LinkConnect can be used to connect to an external program that has created a MathLink link by calling the appropriate MathLink library functions.
External programs built from MathLink templates using mcc and mprep can typically create MathLink links whenever they are given -linkcreate command-line arguments.
LinkConnect internally calls a function analogous to the MLOpenArgv() function in the MathLink library.
Even though no program may yet be connected to the other end of the MathLink link, the function LinkConnect will return immediately and will not block.