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There is no such option in Photoshop. If you mean Vector Photoshop shapes then the shapes can be used for infinite things in Photoshop such as layers, masks, as frames, as a source for selections, as a source for actual brushes, for patterns, for exporting to other applications, used in shape blurs, used as cookie cutters in Photoshop elements. Illustrator vector brushes exist as do expression and Xara vector brushes and many others but sadly, as yet, Photoshop has no vector format brushes.
Vector mask is mask which will be added to layer automaticaly when you work with shapes in Photoshop. There are two types of masks-layer masks and vector masks. Both control which parts of an image or layer will be hidden or revealed, and the masks can have special effects and styles applied to them. (See related link)
Wrap option in Photoshop allow you to distort pixel based and vector objects. This option is mainly present in Photoshop for curvature distortions of pixels, text or vector shapes.
raster
Adobe illustrator (AI) is a vector file format to save vector illustrations. It is the default format for Adobe illustrator. Photoshop cannot save the images in to AI format but it can be opened in Photoshop.
Photoshop and Illustrator for vector.
Photoshop can handle vector graphics, as can Illustrator.
Photoshop can handle vector graphics, as can Illustrator.
Vector graphics. Photoshop can work with vector graphics, but Illustrator is ideal.
Some formats like ai, eps,pdf you can open in Photoshop using open command from File menu, Photoshop will automatically convert vector objects to pixels. Another way is to place vector based image from File > Place. Place command will always create Smart Object which is layer with some extra options. To convert Smart Object layer to regular just right click on Smart Object layer in LAYERS palette and choose Rasterize Layer or go to Layer > Rasterize > Smart Object.
Text in Photoshop is vector object, so you can scale, rotate, change size, color without losing quality.
You can open an eps file in either Photoshop or Illustrator, it helps to know if it is raster (use Photoshop) or vector (use Illustrator).