NO IT WILL NOT. Please understand that the connector standard alone means nothing. Think from a signal perspective. The signal standard for one is digital and the other is analog. A cable alone may not transmit unless there is sampling and conversion going on. PS3 only OUTPUTS digital data and your monitor only takes ANALOG INPUT SIGNAL.
This answers your question. Don't waste your money on some fake product. If the product says that it has an analog to digital converter, then it may work fine.