EMS, makers of the PS2 Memory Adapter have started their own guide to save hacking, whilst it mainly focuses on Gamecube saves the same principles apply to PS2 Saves.
Along with the guide they have presented a simple but effective tool for save comparisons, you can use this tool on both .psu saves and .xps/.sps
Ideally with PS2 saves you should compare sliced save data leaving out excess items such as the icon, icon.sys and Xport comments.
Grab the File Compare program here