VMWare serial connection between two vm hosts
Solution 1:
The "named pipe name" that it's asking you to enter is really the name of the serial port you wish it to attach to. In the case of COM1, /dev/ttyS0 is the correct input.
I tested this by installing minicom (yum install minicom) on both VMs. The default serial port for minicom is /dev/modem, which won't work, so I had to run minicom -s and change the serial configuration on both VMs to /dev/ttyS0. Then, after opening minicom, anything typed into the terminal appears on the other terminal's output (terminal echo is off by default).