This functionality is part of the Project API in NIVS 2010+. I don't know of any examples, but in 2011 there is a LabVIEW wrapper for this function on the palettes under NI VeriStand >> Execution >> Project >> Workspace Automation. Unfortunately there is no VI wrapper for it in 2010, but it still exists in the .NET API.
In addition to launching Workspace tools, you can also send messages to them with the "SendToolMessage" method. You can see an example of how to handle these messages in the example Workspace tool located at:
<LabVIEW>\examples\NI Veristand\Workspace\Workspace Tool Example.vi
Ok, that sounds like a potential solution. What are the Workspace Tool Path though? For instance I want to launch the Channel Viewer tool.