Grosgrain that has tiny scallops along the edge is properly called petersham - used for making hatbands (inside and outside the hat), among other things.
Petersham is cool stuff (but probably not necessary for outdoor gear) because it can be steamed into a curve and still lie flat (since hats are generally conic sections so one edge of the petersham is going to be shorter than the other).
It can also be folded over the edge of a plate and steamed into a curve. I've done that for finishing hatbrims.
If you really want to know more about working with petersham.
If you want to play with petersham, millinery supply places will carry it.
If I have a gear application where I want to bind a curved edge, then I just get nylon bias binding from someplace like questoutfitters.