A world position pass is a pass used for composting other elements into the scene after the initial render. In a world position pass the R, G, B values correspond to the X, Y, Z axis (or X, Z, Y). A world position pass could look something like this. (Image form another 3d app)
Is there a way to render out corresponding world space coordinates of each pixel?
Yes, this is possible using the following node setup (click for larger image):
As you can see, the coordinates are the same as the channels (click for larger image):
In the screenshot above the RGB values are slightly different from the coordinates displayed in the Properties panel because those coordinates are measured at the object origin and the RGB channels represent the coordinates at the objects surface.
Also note that the colors will be different than in your screenshot because blender uses Z (blue) up and it appears that the screenshot is of a Y (green) up space. Aside from rotating your actual geometry, you can remap the colors in the node setup (click for larger image):
Now the colors will match your screenshot:
