you can make a ribbon encircle something in PS by doing the following: stretch image out a bit—vertically (to counteract the horizontal distortion that the polar coordinates filter puts on an image}—and then apply the 'polar coordinates' filter on it.
if you just want to make a scalloped frame, you can stroke a circle path with a round brush {spacing at about 95 so that each circle is slightly touching each other}, and then delete either the inside or the outside part of the circle dot frame to make it scalloped. {humm...did that make sense?? I'm terrible with words! lol!}
I'm sure there are other ways, but these are two that I've used before.