One idea is simply to call the executable with the arguments using System.Diagnostics.Process.Start(string filename, string arguments). Then in your LabVIEW program, you would use a property node to get the command line arguments. For this data, simply use a property node under the application control palette. Then click on "Property" and select Application -> Command Line arguments. The string array output of this corresponds to each element of string arguments delimited by spaces (For multi-word arguments, use a quote around the multiple words - remember to use the @ literal sign).
If this method does not work for your application, you can always use a pipe, which is simply a file used for communication between multiple programs. For instance, Application A might write "Hello B" to C:\pipe.txt. Application B could wait for this phrase and write "Hello A" to C:\pipe.txt, and so on.
Thanks,
Andy McRorie
Applications Engineer
National Instruments
Thanks,
Andy McRorie
NI R&D