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Bonus Game
Go to the practice mode and press Select, then quickly press Up, Up, Right, Up, Right, Up and Select. If you did it right a message will say "Here comes a bonus game." Enter practice mode and the new mode will become available.
Hidden Characters
Go to the Mode Select screen and highlight Practice. Then press Select, UP, RIGHT, DOWN, RIGHT, Select. Then if it worked you will see this message "Here comes a new Challenger."
Options Plus
To unlock the OPTIONS PLUS setting, complete the game in expert mode.
Play as Powerful Gouki, Vega and Garuda
Gain enough experience that the three pictures of Gouki, Vega and Garuda are highlighted in the expert mode screen. Now go to the character select screen and hold Start while choosing either Gouki, Vega or Garuda.
Play With Cracker Jack's Aluminum Bat
Select Cracker Jack then immediately press and hold Up, Square, Circle, R1, and R2 until the fight starts. When the fight begins you will have the bat!
Save The Bonus Game
Complete the game in expert mode and gain at least 65535 experience. You will now have the ability to save the bonus game on your memory card.
Taunts
There are three characters that has the ability to taunt their opponents.

Dhalsim: While in the air press Forward, Forward, Up, Up, Back, Up, Back.

Sakura: press Low Kick, Low Kick, Back, Low Punch, High Punch.

Skullomania: press Forward, Forward+Down, Down, Back+Down, Back, Back+Up, Up, Forward+Up and any Punch.