Yellow/red/white are A/V. The yellow is the single video cable and the red/white are audio cables.
In component, the red/blue/green are all video cables. Yellow composite video is the lowest quality there is. Component lets you get 480p, 720p, 1080i, and sometimes 1080p. Yellow maxes out at something that's worse than 480i.
Quality yellow/red/white cables will function just fine as red/blue/green cables. But most cheap yellow/red/white aren't the 75 ohm cables you need for component video.
Go to Monoprice.com and get proper component cables. They're cheap.