In C++ you can access the global QApplication instance using qApp (or equivalently, QCoreApplication::instance()). Would that help (or work) in PySide?
Another option - can you expose a QWindow from python that you could use to create a QWidget in C++ (QWidget::createWindowContainer()) or vice-versa?
Just sort of guessing here. I know you can expose C++ bindings to python, so it would seem logical that you could expose a widget from the Qt side that could be used in a python app as a container for a python-side created child.
Edit: Check out this stackoverflow post.
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