There is and it is called Interapplication Communication. Which one to use depends on the platform and your familiarity with a specific method.
- File IO (multiplatform, trivial to setup, difficult to manage as you have to deal with concurrency of two applications trying to access the same file)
- DDE (Windows only, ultra ancient and much older than legacy, don't ever use it if you can help it)
- Shared memory (super high throughput, complicated to use, pretty different APIs and methods on each platform)
- (D)COM (Windows only, complicated to use from anything else than C(++).
- Pipes (Standard method on Unix, LabVIEW supports it on Unix platforms only, Windows has pipes too but it is a fairly obscure and seldom used feature)
- TCP/IP (multiplatform, native support in LabVIEW, almost as high throughput as Shared Memory when both sides are on the same machine since the network socket uses internally shared memory to transfer the data between the two endpoints, can also work over the network where client and server are on different machines)
- If both sides are LabVIEW based, you can also use the VI Server interface. That goes over TCP/IP too under the hood, but gives you a fairly easy method to directly access VIs in the other process.
The TCP/IP method is by far the standard method nowadays. It is ubiquitous on pretty much every platform, from the tiny embedded controller up to super duper ultra high performance computers. It has a few minor challenges such as proper network setup, the very distinctive server/client model and if you do not want to have to configure the client and server in some ways for their IP address and port number, you need additional complicated services that let you discover the according resources on the network. Most of them do however cause more trouble than they solve, so for your home grown kitchen sink automation, the easiest is to simply leave these things configurable in an ini file or something.