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Hawkeye's procedure is the widely known way of doing it using the brush tool.

Graphics like this I'd usually do in another vector application.  But in cases I have to do it directly in PS, here's another way..... my crazy way.... 

If you know how to create and adjust text on a path, this may work for you.

Create your path with the pentool..... Use the Type tool to create/add the dots on the path.

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You can use any font you wish.   But a normal text font will produce squarish shapes rather than dots even if you use the period key. Which is why I will always use a dingbat font for the dots. In this example - ITC Zapf Dingbat . For dingbat fonts, this is usually the lowercase L in your keyboard.  I also lowered the baseline shift to -5 so the dots will ride on the centerline of the path.

And depending on the font size you use, I'd add two or three or so spaces in between dots. 

You can reshape the path as you wish even with dots in it.

When you're satisfied with what you've created, rasterize the text layer.

Hope this helps .......