Photoshop :: Making Selection In Illustrator - PS Integration?

I was wondering whether one could proceed as follow. Say, you want to make a vector mask of a given image, part of a photograph. One could of course use the built-in vector features of Photoshop (pen tool, vector shapes tool) to create the vector outlines used for the mask. But, it is possible to export the image in Illustrator, use all of the Illustrator vector tools to create the vector outline, and then import those vector outlines back into Photoshop, at the *exact* same place as they were in Illustrator (relative to the image being traced/masked).
 
I know how to go back and forth between Illustrator and Photoshop, but I don't know how to ensure that the vector paths (from Illustrator) and image (from Photoshop) keep their relative positions between the programs.