Convert AVI to VEP

Although this is not a conversion in the proper sense, you can certainly import Audio Video Interleave files to new/existing AVS Video Editor Projects (.avi to .vep conversion).

VEP is, most likely, a proprietary file format, which means your only reliable alternative is using the original software. AVS Video Editor allows you to import AVI video files to a AVS Video Editor Project, which can then be saved in VEP format.