Each point of the projective plane $P^2$ can be represented in the form $[x : y : z] \in P^2$ for some point $(x,y,z) \ne (0,0,0)$ in $\mathbb R^3$. Using this representation we have $[x : y : z]=[rx : ry : rz]$ for any $r \ne 0$ in $\mathbb R$.
The ordered triple $(x,y,z) \in \mathbb R^3$ is called "homogeneous coordinates" for the point $[x : y : z] \in P^2$. But $[x:y:z]$ and $(x,y,z)$ are not equal. When a point $[x : y : z]$ of the projective plane is represented in homogeneous coordinates as $(x,y,z)$, that representation is not unique, and the point $[x : y : z]$ in the projective plane is a different mathematical object than any ordered triple $(x,y,z) \in \mathbb R^3$ that represents it in homogeneous coordinates.
Homogenous coordinates of the special form $(x,y,1)$ may not be used for the entire projective plane. They may only be used for a limited portion of the projective plane as follows:
- A point $[x:y:z]$ in the projective plane such that $z \ne 0$ may be represented, using $r=\frac{1}{z}$, as
$$[x:y:z] = [x/z:y/z:z/z]=[x':y':1]\quad\text{where}\quad x'=x/z, \quad y'=y/z
$$
If you want to cover the entire projective plane, then the usual convention is to use two other special types of homogenous coordinates:
Points $[x:y:z]$ in the projective plane such that $y \ne 0$ may be represented, using $r=\frac{1}{y}$, as
$$[x:y:z] = [x/y:y/y:z/y]=[x':1:z']\quad\text{where}\quad x'=x/y, \quad z'=z/y
$$
Points $[x:y:z]$ in the projective plane such that $x \ne 0$ may be represented, using $r=\frac{1}{x}$, as
$$[x:y:z] = [x/x:y/x:z/x]=[1:y':z']\quad\text{where}\quad y'=y/x, \quad z'=z/x
$$
I'll add one more thing: given a point $(x,y,z) \ne (0,0,0)$ in $\mathbb R^3$, the formal definition of the projective plane tells you exactly what the point $[x : y : z] \in P^2$ is that is represented in homogeneous coordinates as $(x,y,z)$. This lets you see for yourself how, exactly, $[x : y : z]$ and $(x,y,z)$ are different.
Namely:
$$[x : y : z ] = \{(rx,ry,rz) \in \mathbb R^3 \mid r \in \mathbb R\}
$$
In other words, given $(x,y,z) \in \mathbb R^3$, the corresponding point $[x : y : z] \in P^2$ is identified with the line in $\mathbb R^3$ that passes through $(0,0,0)$ and $(x,y,z)$.