I am working on an embedded system on a RPI also, with similar requirements for certain cases. The best approach from my experience is to use Linux named pipes (FIFOs).
Here are some resources, but there are many more online ofcourse:
http://www.linuxjournal.com/article/2156
http://www.roman10.net/named-pipe-in-linux-with-a-python-example/
http://tuxthink.blogspot.com/2012/02/inter-process-communication-using-named.html