Open a new canvas, size depending on how large you want your ribbon to be and place the eyelets you want to use into position, then place your ribbon into position over the eyelets. Keep the eyelets on separate layers because you might need to move them around a bit. I made my own eyelet using a dingbat font and a ribbon by drawing out a rectangle the length of the eyelets and then applying the Eye Candy Texture/Texture noise filter. I used grey so I can later recolour it.
Using the Mesh Warp tool. draw in the ribbon at the section over the eyelet hole and draw it out a bit between two eyelets.
I recoloured my ribbon at this point. This is what you should have now.
Move the first eyelet into the exact position you want it to be , then lower the opacity of the ribbon layer so you can see the eyelet underneath and then carefully erase the ribbon section which will go under the eyelet. Move the second eyelet into position. Select the section of the eyelet going over the ribbon with your selection tool, Edit – Copy, then go to your ribbon layer, add a new raster layer and Edit – Paste into selection. Go back to the ribbon layer and use the Mesh warp tool again to adjust the ribbon sections in the eyelet hole if necessary. Repeat for the other eyelets.
Merge visible, and you’re done!