How can I call my slot on every iteration of application's event loop? Only way I know is to use QTimer and on every timeout (every millisecond) signal I can call my slot. But I don't like this option, it looks like workaround.
Any suggestions how to do this more correctly?
From the Qt 4.7 QCoreApplication::exec() documentation:
So your approach is what is prescribed. Look at QCoreApplication::processEvents() for more control over the event loop.
You could also take a look at using the installEventFilter method on QCoreApplication::instance() object. This would allow you access to ALL events before they were processed for all widgets in your application.