A real time data exchange on demand system for transferring real time data between a host processor and a target processor is described. The target processor includes a real time target exchange library and API library interface to a target application. The host processor includes a target server, a real time data exchange API interface to a host data exchange application and a real time data exchange dynamic link library. An interconnection data link is coupled between said real time target exchange library on said target processor and said real time data exchange dynamic link library on said host processor. The host processor includes a user interface for programming real time data exchange transfer points for data exchange into the target processor that are passed down to the target processor via the interconnection data link. The target processor has programmable triggers that are programmed by the transfer points that call an appropriate real time data exchange routine to do the data transfer.