You may try this software, my friends recommend it to me, it's not free, but it's easy to use and works pretty well for me, I think it well worth the money. If you are interested in it, here is a step by step guide about how to use it: http://www.besthdsoft.com/Guide/bluraytops3guide.html
1. Open Blu-ray Ripper, Click "Add" button to add video files.
2. Click "Profile" drop-down list to choose output format .
3. Click "Start' button, then wait a moment you'll get the new format video file.
Hope it helps. Contact me if you have any other question.
You can download it here: http://www.besthdsoft.com/blu-ray-to-ps3-converter.html