Quoth Bill Peel on or about 2004-08-26:
various LaTeX drawing macro packages in eps format, converted them to
pbm format using
I found that pstoedit works well from EPS -- you don't need to
rasterize the image. Unfortunately pstoedit has no SVG output driver,
so I went via fig (another vector format).
pstoedit -f fig 1-10.eps 1-10.fig
fig2dev -L svg 1-10.fig > 1-10.svg
This technique also preserves text elements as text.