The fraction to decimal is quite straightforward and there are lots of solutions. I'd go with trimming the string, replacing spaces with '+', and anything other than space,/,. or digits with '' then running it through 'eval'.
The decimal to fraction is virtually impossible to do correctly - not least because your decimal fraction would probably have to be converted to binary first - at which point you loose a lot of precision. As an academic exercise.....If you can live with the difference between 20976/41953 and 1/2 then you could try a fuzzy match for a predefined number of fractions:
(there's probably a neater way of implementing the same algorithm - but I'll leave that as an exercise for the reader).
define('DECIMAL_DIGITS',5);
function decimal_2_frac($inp_decimal)
{
  static $fracs;
  if (!is_array($fracs)) {
    init_fracs($fracs);
  }
  $int_part=(integer)$inp_decimal;
  $inp_decimal=$inp_decimal-$int_part;
  $candidate='';
  $distance=10;
  foreach ($fracs as $decimal=>$frac) {
     if (abs($decimal-$inp_decimal)<$distance) {
       $candidate=$frac;
       $distance=abs($decimal-$inp_decimal);
     }
  if (abs($decimal-$inp_decimal)>$distance) {
     break;
  }
 }
 return $int_part . ' ' . $candidate;
}
function init_fracs(&$fracs)
{
   $fracs=array(); 
   for ($x=2;$x<(5*DECIMAL_DIGITS);$x++) {
       // there's probably a beter way to calculate the loop limit
      for ($y=1; $y<$x; $y++) {
         $decimal=round($y/$x,DECIMAL_DIGITS);
         $frac="$x/$y";
         if (!array_key_exists($decimal,$fracs)) {
         $fracs[$decimal]=$frac;
   }
  }    
 }
}
But personally, I'd just store the original representation in a seperate field in the database.
C.