I guess my question is best explained with an (simplified) example.
Regex 1:
^\\d+_[a-z]+$
Regex 2:
^\\d*$
<
Let me start by saying that I have no idea how to construct such an algorithm, nor am I aware of any library that implements it. However, I would not be at all surprised to learn that nonesuch exists for general regular expressions of arbitrary complexity.
Every regular expression defines a regular language of all the strings that can be generated by the expression, or if you prefer, of all the strings that are "matched by" the regular expression. Think of the language as a set of strings. In most cases, the set will be infinitely large. Your question asks whether the intersections of the two sets given by the regular expressions is empty or not.
At least to a first approximation, I can't imagine a way to answer that question without computing the sets, which for infinite sets will take longer than you have. I think there might be a way to compute a limited set and determine when a pattern is being elaborated beyond what is required by the other regex, but it would not be straightforward.
For example, just consider the simple expressions (ab)* and (aba)*b. What is the algorithm that will decide to generate abab from the first expression and then stop, without checking ababab, abababab, etc. because they will never work? You can't just generate strings and check until a match is found because that would never complete when the languages are disjoint. I can't imagine anything that would work in the general case, but then there are folks much better than me at this kind of thing.
All in all, this is a hard problem. I would be a bit surprised to learn that there is a polynomial-time solution, and I would not be at all surprised to learn that it is equivalent to the halting problem. Although, given that regular expressions are not Turing complete, it seems at least possible that a solution exists.