Solution
To do so you can utilize the win32com and pywin32 modules in your Python code. The following code connects to a running VI specified by a path and returns the value of a control called "main".
labview = win32com.client.Dispatch("Labview.Application")
VI = labview.getvireference(r'c:\TEMP\ctrl\ctrl.vi')
print(f'Name: {VI.Name}')
print(VI.getcontrolvalue('main'))
If you would like to connect to a built executable you have to modify the dispatch application parameter and also the path of the VI will be added as an extra layer to the reference path:
import win32com.client
labview = win32com.client.Dispatch("ctrl.Application")
VI = labview.getvireference(r'c:\TEMP\ctrl\Ctrl.exe\ctrl.vi')
print(f'Name: {VI.Name}')
print(VI.getcontrolvalue('main'))