The .scmp file is a XML file essentially. It is stored in the Schema Comparison folder of the project system by default. When you double click the .scmp file in the Visual Studio, the Select Source/ Target Schema page appears, on which shows the comparison settings and options that you have set. When you click the OK button on that page, SchemaCompare1.scmp file (for example) shows in the edit explorer.
However, you may not open a .scmp file by double-clicking it on the disk. It may be because the .scmp file is used to save comparison settings and options between usage sessions (any combination of a project, database, and .dbschema file), it associates with a solution so you can open it by double-clicking it in the Visual Studio.