Moves with good recovery time, like 5 or 2p. I usually go for tick throws on a defensive Baiken, and when they throw out a 5S Parry it 5S them back, Ryujin. This match is best played, IMO, with good thinking. The match is usually moreover in your favor, depending on how you began your attack. In short. Play defensively, and as for a tip,:2S beats out Baiken's K on-guard everytime, not that many Baiken's will use it for anything other thing an anti-air HS in the air can save you from this though.
Also Baiken's body is light and her hitbox is quite small(even in hurt animation) You can also PB under the IA tatami's.
If this isn't much for now, i'll come back with more in a bit.