Initialize new object with the SelectedObject in PropertyGrid
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I have an object "Pipeline" that populates a PropertyGrid (.NET) as the SelectedObject.  The Pipeline has some objects that act as attributes for the pipeline.  For example, a "Valve".  When using the PropertyGrid to create a valve for the pipeline, I need to initialize the valve with a reference to the selected pipeline.  

I don't see an obvious way to do this.  Closest I've seen is creating a UITypeEditor, but I don't want a custom UI and the class doesn't seem to have a reference to the SelectedObject.  Is there an easy way (maybe an event) to recognize a new instance was created and assign it a reference to the selected object?

Thanks.