1. A method for image annotation in image guided medical procedures, comprising: determining, with one or more computing devices, position and orientation of a first medical device based at least on data from a first 3D tracking unit coupled with the first medical device; automatically selecting, using the one or more computing devices, a 2D plane within a 3D space based at least on the position and orientation of the first medical device; selecting visualizable medical data in the 2D plane from a 3D medical data set of a patient based at least on the position and orientation of the first medical device; displaying on one or more displays the 3D space and the visualizable medical data in the 2D plane; determining, with the one or more computing devices, position and orientation of a second medical device over time based at least on data from a second 3D tracking unit coupled with the second medical device; generating an annotation in the 3D space on the visualizable medical data in the 2D plane based at least on the position and orientation of the second medical device over time; generating image guidance information, with the one or more computing devices, based at least on the annotation in the 3D space; and displaying, on one or more displays, a graphical rendering of the image guidance information.