Is it possible to use the MIP SDK to pass LPR Plate data in real time to a third party application? Specifically, when a plate is scanned and captured, that result is passed to a third party application.

Yes.

In the Alarm and Event Viewer sample you can see how to subscribe to and get the LPR events.

You need to build a service that subscribes like this and then pass the information to your third party application in whatever methods the application supports.

Thanks Bo!