I want to develop a GUI application which displays a given mathematical equation. When you click upon a particular variable in the equation to signify that it is the unknown
Things have sure changed since 2009. I don't know how your GUI application is going, but this is now possible directly in IPython qtconsole (which one could embed inside a custom PyQt/PySide application, and keep track of all the defined symbols, to allow GUI interaction in a separate listbox, etc.)

(Uses the sympyprt extension for IPython)