No, bigtsr, what is there is a cigarette lighter power adapter that has one cable that goes to a PS/2 connector into which the GPS receiver plugs (the OP referred to PS/2 in his post) and another cable that goes to the connector on the Axim. You can see the two cables come out of the adapter in the picture.The GPS gets power from the adapter through the cable and sends the NMEA data down that same cable. In the cigarette adapter the GPS data is then sent down the cable to the Axim connector, and thence into the Ax via the serial port.
Although not exactly the same receiver, I have several of those serial GPS units from different vendors and they all work the same. In fact, there is a picture of a similar setup
in this review of a different unit.