Hi I have the Sprint Galaxy Note 2 and i installed ePSXe for android yesterday. It worked pretty well, but the plugin in for better graphics did not for FFVII though, no issues with resident evil 1 director's cut.
The thing is, i did download the BIOS from the internet and placed it in the EXternal SD card.
Did you do that?
The PS1 Bios SCPH1001.BIN just google it it's very easy to find. Once you find it and download it and place it on your phone's external SD card, make sure you load it using ePSXe menu settings. Hope it helps.