There is an Omega Chi Epsilon Chemical Engineering Honor Society and a Chi Epsilon Civil Engineering Honor Society, but neither of them conform to the date of 1922. Though, from what I can tell, both have/had chapters at USC. The Chi Epsilon key looks a little bit like an angular "U" with an X and E in the middle. Have a look at both of these images; do either of these keys look right?
It would really help if we had a photo of the item, or if you could give us a detailed description (eg. it's a triangle shaped fob with a big X and a sword passing through it, or something like that).
.....Kelly