The only method I've heard of (and its validity I'm not certain of as I can't find any info about it online) is to use a feature within the RPG game "Beyond the Beyond" that enables you to reverse the memory card format.
I stupidly accidentally formatted the card in the menu of Wipeout and it had mine and my girlfriends Final Fantasy 9 save on there at disk 3.
Is there any other way? Am I correct in thinking that despite the formatting, the data is not actually deleted but just flagged...
Is there anyway to recover saves after accidentally formatting a PS1 memory card?
I stupidly accidentally formatted the card in the menu of Wipeout and it had mine and my girlfriends Final Fantasy 9 save on there at disk 3.

Is there any other way? Am I correct in thinking that despite the formatting, the data is not actually deleted but just flagged...
Is there anyway to recover saves after accidentally formatting a PS1 memory card?