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bash-4.1$ ps -ef|grep component_events.xml
gdxx1122 1190 1181 0 Mar25 ? 00:00:00 /xx1122/fmw/product/111/ohs_111/ohs/bin/odl_rotatelogs -l -h:/xx1122/admin/xx1122_vmabcd123/config/OHS/ohs1/component_events.xml_ohs1 
/xx1122/admin/xx1122_vmabcd123/auditlogs/OHS/ohs1/audit-pid1181-%Y%m%d%H%M%S.log 1M 4M
gdxx1122 19885 19205 0 08:05 pts/1 00:00:00 grep component_events.xml

When i run the above command in a script, can extract "/xx1122/admin/xx1122_vmabcd123/config/OHS/ohs1" and assigned to a variable. The output of above may vary server to server, so it has to be dynamic. Starting string xx1122 has to be passed dynamically

With sed, POSIXly:

var=$(
 ps -Ao args= | sed -n 's|.* -h:(.*)/component_events.xml.*|1|p'
)

In effect, that returns the part of the command line in between the last occurrence of /component_events.xml and the last occurrence before that of -h:.

So if the command line was:

... -h:x/component_events.xml -g:y/component_events.xml

You'd get x/components_events.xml -g:y instead of x.

You could change it to sed -n 's|.* -h:([^ ]*)/component_events.xml.*|1|p' to avoid that, but then that would no longer for directory names that contain space characters.

On a recent GNU/Linux system, you could also do:

LC_ALL=C grep -zhPo '^-h:K.*(?=/component_events.xml)' /proc/*/cmdline |
 tr '' 'n'

Which would work for any directory name.

Using pgrep to find the pid and /proc/$PID/cmdline:

var=$(
pgrep -f "component_events.xml" | 
 xargs -I sh -c "head -z -n1 /proc//cmdline | tr '' 'n'" | 
 xargs -n1 dirname
)

This also works when the command path has arguments and when multiple PIDs were found.

Explanation:

Search for PIDs:

pgrep -f "component_events.xml"

For each found PID, get the full command (/proc/PID/cmdline), but print only the command without args (head -z -n1).

xargs -I sh -c "head -z -n1 /proc//cmdline

Then replace trailing with newline (n):

tr '' 'n'"

Output the dirname only:

xargs -n1 dirname