Ipywidgets cross widget communication

We are creating a custom widget for spreadsheets inside the jupyter notebook.
We have support for cell references in the spreadsheets.
We want to implement a functionality where its possible to reference another sheet cell (cross-sheet referencing).
For this, we need the ability to communicate to other custom widget instance using messages and ability to listen for the messages. We want some guidance around it. Which functionality of ipywidget can we use to achieve this?
Is it possible to notify another widget instance about an event and send message?

Cross-posted here with some additional notes, although with no acknowledgement of the cross-posting.
Those interested should also check there.

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