This is a common question and to do it you will need the following tools:
Start up PSV Exporter and load the .PSV file you wish to convert.
Now choose the Extract All Files menu item and select a folder to save to.
Note: You only need to choose a location, the save folder will be automatically generated if not already present.
Open up PS2 Save Builder and drag & drop the files extracted from the .PSV folder onto PS2 Save Builder.
In the Root/ID section enter the name of the folder that the files were extracted into using PSV Exporter, like so:
Now all you need do is save in your desired format.
Optional steps to convert to .psu
.psu is the format supported by uLaunchELF, to convert to this format you must select the X-port 2(*.xps) format to save as in the last step.
Open up this new save in PS2 Save Converter and use the Save as menu option to save in the memory Linker (*.psu) format.
Posted in: Convert .PSV to PS2 save