Files with .PST extension represent Outlook Personal Storage Files (also called Personal Storage Table) that store variety of user information. User information is stored in folders of different types that include emails, calendar items, notes, contacts, and several other file formats. PST files are used for archiving emailing data offline that can be later loaded and viewed in various applications.
Files with WMF extension represent Microsoft Windows Metafile (WMF) for storing vector as well as bitmap-format images data. To be more accurate, WMF belongs to the vector file format category of Graphics file formats that is device independent. Windows Graphical Device Interface (GDI) uses the functions stored in a WMF file to display an image on the screen.
You can also convert PST into many other file formats. Please see the complete list below.