Hi Arun,
John's suggestion is good and is definitely the most straightforward way to get the functionality you need. Because you mentioned that you didn't want to have both PXI chassis powered simultaneously for unspecified reasons, I'll throw out another suggestion which may suit your needs.
Most of the PXI chassis from NI feature a DB-9 connector on the back with connections to the power supply for power monitoring or inhibiting via an external signal. There is a white paper with some details:
Taking Advantage of the Power Monitoring and Remote Power Reset Capabilities of PXI-1000B, PXI-1006,...Although it refers to some of our older chassis, the feature is found on most all of our newer PXI chassis, and further details can be found in the respective user manual for the chassis you are using.
You would need to feed out a level signal from System #1 into the DB-9 connector of System #2 to inhibit power, but if you are planning to use the PXI Watchdog which fires a pulse if System #1 fails, you may need to build some type of external circuit that can accept a pulse trigger and change the line state of a signal you then feed into the DB-9 on the back of System #2.
Cheers,
Josh H.