PS3's built-in PS1 emulator reads PS1 disc images (.ISO/.BIN/.CUE) or .PBP (PSP-format) packages placed in /PS3/GAME/ or via "Import PS1 Game" from Memory Card Utility.
EBOOT.PBP is the PSP executable wrapper—OFW ignores it for PS1 emulation.
Custom Firmware (CFW / HEN)
webMAN MOD / multiMAN / IrisMAN can mount EBOOT.PBP (PS1 Classics format) and launch via XMB.