For targeting on PS3 I recommend going into Character Configuration and tab over to Filter, then go down to Enable Customization. You can set it up so that holding L1 + triangle, square, circle or X will allow to you target different things.

For instance, I set it up so that L1 + Triangle targets enemies. L1 + Circle targets other players not in my party. L1 + X targets NPCs. L1 + Square targets mobs that are aggroing me. I don't worry about targeting players in party, because hitting up or down on the D pad will automatically do that regardless. The annoying thing is that right now the system recognizes summoned pets like Carby as an enemy, so even using L1 + Triangle I still have to sift through squirrels and eggis. They're supposed to be fixing that in an upcoming patch.