Sorry for necropost, but it is on-topic.
I suppose you are running RetroPie on RaspberryPi. If you do, you should be able to overcome the issue by using symbolic link (command named "ln" with parameter -s). You enter the folder with the savegame in command line via ie: "cd /home/pi/RetroPie/roms/psx" and then you make the symbolic link via ie: "ln -s gt2_(simulation).srm gt2_(arcade).srm" The first one should be the already existing file and the second one should be the name of the link. After that the gt2_(arcade).srm points to the gt2_(simulation).srm and that means whatever disc you load both of them would actually load the same file.
Before trying, make backup of the .srm file!