In current implementation, we do not track position of the prop itself. Just the rotation, which can be applied to the hand. The output from iPi Mocap Studio is always only skeletal animation.
So for sword fighting you have two options, both of them require only one PS Move controller. Either hold the controller in the hand directly, and you will get exact orientation of the hand. Or firmly attach the controller to a wooden stick of appropriate size simulating real sword, and you will get exact orientation of the sword, which you apply back to the hand in iPi Mocap Studio.
After exporting skeletal animation, you constrain the sword model to follow the hand movements in your animation software, as Greenlaw proposed.
Look at this demo by Truebones, which illustrates the first approach:
http://forum.ipisoft.com/viewtopic.php?f=3&t=6632