Hi @MHammad , I don't know if this will answer your question completely, but your 2 PCF are bound to fields on the form they can communicate with each other natively.
In fact, they don't have to know each other at all the magic happens in how the properties are defined in the manifest of the PCF and to what field you bind your properties on the form.
EX.
PCF 1 = Color Picker, bound to a text field that will store the output of the color picker
PCF 2 = Sparline control, bound to the same field. (defines the color of the sparkline)
When the output of the Color Picker changes, the color of the sparkline is updated in real-time

For sure the same can be applied to your use case.