Between master and slave is normally exchanged only i/o data.
Input words in the master are output words in the slave and vice-versa.
However, there is a method to use the cyclically exchanged i/o data to exchange a variable amount of data on event: http://support.automation.siemens.com/WW/view/en/20987910
Between S7-300 stations max 100 bytes can be exchanged, of these max 8 bytes consistently.