The problem you're going to face is that you're trying to replace the < operator with the standard input redirect operator from the standard command line. That's not how PowerShell works.
You can try escaping it:
utility.exe op1 `< op2;
If you're on PowerShell 3.0, you can try the stop parsing operator:
utility.exe --% op1 < op2;
I doubt either of those will work since utility.exe is expecting something to redirect standard input.
Assuming op2 is a filepath to a text file, you can try something like:
Start-Process -FilePath 'utility.exe' -ArgumentList 'op1' -RedirectStandardInput 'op2';
If I knew what you were actually trying to accomplish instead of requesting a general solution, I could be more precise.