You want a box opposite of this one. This box takes an older type composite signal and outputs HDMI (for a new TV). Check the site for a box that does the opposite of this one (HDMI to composite) and you will be fine.
The name of the device is AV2HDMI. That means that if the output of your BlueRay player is an RCA Composite video connection (red, white and yellow coded cable) and the input to the projector is HDMI, then yes this device should work for you.