Or, I might have to do the old technique of using the Pen Tool in Illustrator and tracing over the filligree.
That's probably what I would do. If you're not well-practiced in Illustrator, this will be a good exercise. Just place the image you have, lock it down (either the object, or you can put it on it's own layer and lock the layer) and start with the pen tool.
Everyone probably has their own method, but I like to start by placing all the points I think I'll need as corner points (click, but don't drag to make the point curved). I then pick the Direct Selection tool (white arrow) and then the Convert Anchor Point tool. If you click on a point, you can drag it to be curved, but if you hold the Command key (on Mac OS) it will temporarily switch to the Direct Selection tool, which will allow you to move the point if necessary. Others would just make curved points as they go, but this is how I like to do it.
For the pointy shapes on the end, you could probably make one then rotate a copy. For the curvy parts in the middle, you may be able to make one and scale copies, or use the blend tool. As you go, you can switch the visibility of the placed graphic on and off to see how your creation looks on it's own, and when compared to the original.
That might auto-trace in Illustrator if you have a clean image.
That said, I think this would commonly be referred to as a fleuron, and there are probably hundreds of fleuron fonts. Do you need exactly this one? There are some fairly similar glyphs in Adobe Wood Type Ornaments Std
I'm with Peter on this. Adobe Wood Type Ornaments has several you could at least use as a starting point, and converting to outlines in Illustrator to modify it would be an easy task.