Spitballing here.
Model a sword as a point of rotation e, (elbow, shoulder, whatever, have the animator figure it out) location of the tip point p, and the linear velocity vector v of its tip. Look at the letter 'F': The elbow is the point at the bottom, the travel of the tip is the top bar, the travel of the hilt (not modeled) is the shorter bottom bar. The travel of the tip is the parametric equation `tv + p`, which defines the line `(tv+p)d + e` You have one line for each sword. Solve for the intersection of the two lines. If t is outside the bounds of your framestep, they do not intersect. Do basic comparisons on the length of the arm/forearm + sword length to figure out if they connect. Bonus: gives you one character slashing the others' wrists for free.
Piercing attacks are just hitscan.
If you really need to model elbows that are moving (probably only for characters on horseback while galloping) you'll need to parameterize the elbow point. Use the character's velocity vector I guess; I wouldn't do anything more complicated than that. I suppose that also works for combination slashing/thrusting attacks?
I'm too lazy to plug that into the line intersection formula, but it seems like a fairly basic linear algebra problem. Unless you're trying to make it super hyper realistic, (don't do that) I don't understand why the computational complexity is a problem.