See the instructions for setting up a Virtual Serial Port pair.
Choose Tools>ASCII Report

Check Form 1 and Setup form 1 then OK
ASCII report Form 1 opens:

Check the box MVP Data
The following warning is displayed:

Click OK, select VTG and GGA (course and speed plus position.)
Click OK
Back in the Report Form 1 dialog check these boxes - Click Configure Port last

Clicking Configure Port opens the standard Isis COM port setup dialog:

Check the boxes as shown (assuming COM 10 is the output port), note that you must enclose the {TELEMOUT} statement in curly brackets as shown. Hit OK.
If all is well the Output form 1 window will be open and display something like this:

These are the two NMEA 0183 data strings being sent by Isis to COM 10.
To save all settings so far hit the Save button
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You can also hit Stop and Exit then Save Setup:

All settings will be saved and applied on re-start.
The serial setup on the other application will of course simply connect to the "other" port of the connected pair, in this case probably COM11