Solution :
I created html content on and included <iframe src: '**url**'> tag and passed my webdynpro application url in src attribute of frame tag and added this html content to a panel.
Please find the attachment.
I have shared my screen shot how I wrote the html content.
then
oPanel.addContent("html_button1");
oPanel.addContent("html_button2");
You can use oPanel.destroyContent(); to view two webdynpro applications in frame based on OEvent.