I am trying to set up my PS3 using component since my HDTV does not support HDMI. I purchased a Sony brand PS2 component cable because I heard the PS2 cable works on the PS3 and I could not find the Sony brand PS3 component cable. Is there any difference between the two?

As far as I know, it doesn't matter. So you should be fine.

Yeah, price. Other then that, no difference. I am using PS2 component cables for my PS3.

Been using my several year old PS2 Monster Component cables on my PS3 with awesome picture quality

The only problem I noticed is that the input for the cables and the Optical Audio input on the PS3 are closer together than they were on the PS2. I had to smash my 2 cables into my PS3 so that they would fit side by side since the Monster component cable is bulkier than a standard cable. Was a little scary having to do that on my very very expensive PS3 (was impatient and bought on launch day from someone that waited in line for a couple of days). But worked out beautifully, I'm actually surprised that they made PS3 compatible with PS2 cables.

Yup same here. Using my Psyclone PS2 cable on my PS3 and they work flawlessly. Like illini420 said though they leave zero room for the Optical cable to be plugged in...