Since you can run pythonw without specifying its directory, then pythonw must be located on the path.
If you then place yourbatch.bat in the same directory, then it follows that yourbatch.bat is also on the path, so all you'd need to do is execute yourbatch and your batch will run.
The directory from which your batch is executed is not relevant. If you change your batch to
start "Window title" pythonw "python_script.py"
and place that in your path then yourbatch will run pythonw using parameter "python_script.py" from the current directory.
Note: the start command appreciates a "window title" as its first quoted argument. You don't want a window title? Just use "".
If you have your python script in the same directory as yourbatch.bat then
start "Window title" pythonw "%~dp0\python_script.py"
should run that script wherever it is.
and for a really flexible approach
start "Window title" pythonw "%~1.py"
Would start the script somename.py if you execute
yourbatch somename
where somename may be quoted and may contain any path you like (like "c:\my development\area\latest_script" for instance)