I'm not sure I competely understand the question but you can initiate an iSCSI connection from *within* the VM guest. That iSCSI connection and associated LUN can be managed by SnapDrive and the steps (patches, process, etc) are outlined in the admin guide.
The SnapDrive user guide has details on how to do this and what is supported. You can only do this today with Windows guest and using RDMs mounted to the VM. The OS can me in a VMDK but the data drive you want snapped has to be a RDM.