If I copy theproe4.psf to the C:\PTC_WF4\engineer\bin directory, change the path to the PROE4.PSF file in the PROE.BAT and then launch it. Then it works.
Does anyone know how to correct this problem?
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It looks like this is the intended functionality. PTCsupport writes:
This is working as designed , Pro/ENGINEER does not recognize .psf files outside the <pro engineer=" loadpoint=">\bin directory by design. Proe.exe only runs .psf files from the bin directory. This helps prevents different versions of .psf files that may not be understood by older proe.exe executables.