By default, these applications are compatible with each other. At least, this is specified on the official page of the developers. According to their information, you need to have CorelDraw X4-X7 to be able to use it with Cutting Masters 3. If you have both applications installed, access Cutting Masters 3's help and read about the integration with Corel. I have checked the official website, but there isn't much information about this.
Additionally, you can contact the developers: http://www.graphtecamerica.com/graphtec-america-contact-us