You should try importing the file into CorelDraw and/or Photoshop. You may find it is easily done. You may get a message saying unrecognized file type, or that some information may not be as intended.

Try it, you may find everything works well.

EPS has been referred to as Encapsulated Post Script and as Enhanced Post Script. I'm not sure which is the 'official' version.

Post Script was initially a printer language and also used to refer to the type of printer (one that accepts post script as the language to describe how something is printed).

EPS simply has added functionality to the original PS (post script).