Sony’s FAQ Answer: To use saved data on a PlayStation 2 memory card, you must copy the data onto a virtual memory card within the (PS3) hard disk.
This requires a PS2/PSone memory card adaptor to copy the data to your PlayStation 3. A (Sony) memory card adaptor is designed to edit, upload or download game saves to and from a EMS flash card or a smart media card.
Update: Some people have been asking where to get the PS3 Memory Card Adaptor, since a lot of retail stores don’t have them in stock. You can buy the PS3 Memory Card Adaptor online here at Amazon.