Please post the image.
Turning pixel images into vector data can be automated, but the results may not be satisfactory.
And Illustrator is naturally better for handling vector data than Photoshop.
But even Photoshop offers a method to create a Path based on a Selection (»Make Work Path« from the Paths Panel’s fly-out menu).
It may need a lot of manual improvements, though, depending on the Selection and the output needs.
If the Layer is just one color anyway you can apply Layer > Layer Style > Color Overlay to change its appearance.