Hey Justin,
Thanks for the input. I did think about using aimConstraint with a locator but ran into an issue where the VRay rect light keeps rotating itself by 90-degree on some axis to point away from the locator it's constraint to.
After several attempts, I was able to get a workaround by following the steps below.
Through Python code:
1. create the rect light
2. translate it a bit on positive z. I did (0, 0, 1) via setAttr. (VRay rect light points to negative z as created)
3. do an aimConstraint with maintainOffset=True between the locator at the world origin and the rect light.
Now, the rect light will be pointing at that locator wherever the rect light is moved to.
cheers,
Jason