You cannot exactly convert Windows Media Video (*.wmv) to PowerDirector WaveEditor projects (*.wve). However you can import any supported multimedia files to the program and use them in a new or existing projects, but these projects do not contain any multimedia data at all, just references to it.
Found 2 different conversion types using the same filename extensions.
Conversion wmv to wve type 1:
Convert from Windows Media Video to Wondershare Video Editor project.
Multiplatform software - convert wmv to wve on any platform
All-in-one home video editor
File type (from-> to)
Convert from wmv file format
Windows Media Video
Wondershare Video Editor project
The tables with software actions are a good pointer for what a certain program does with various file types and often may give users a good hint how to perform certain file conversion, for example the above-mentioned wmv to wve. However, it is not perfect and sometimes can show results which are not really usable because of how certain programs work with files and the possible conversion is thus actually not possible at all.
Conversion wmv to wve type 2:
Convert from Windows Media Video to PowerDirector WaveEditor project.
Microsoft Windows software - convert wmv to wve on Windows
Suite of tools for video editing