You can use transform.position, provided the two items are visible by the same camera. Otherwise it's complicated -- you need to take the local position, turn it into world position, convert that into screen or view coordinates using the camera that draws the object, then use the other camera to convert that screen position into world position, then inverse transform world to local, relative to the widget's parent.
NGUIMath.OverlayPosition does all this math for you btw.