No problem because your image is quite clear. At first make a version that has only the curve. This is the place where some brainwork relly pays off if the curve is complex or the underlying coordinates are dense. See the image:
Make two copies of the curve layer, select the top layer, goto Image > Adjustments > Hue/Saturation and change the blue to red. You can also shuffle the color channels, but that needs a good underhood knowledge, so adjust the hue.
Give to the hue shifted channel blending mode = Divide. That knocks the coordinate graticule to white, but the curve survives, altough gets some color variations due the unsharpness of the image.
Merge the two upper layers. Turn the blue and cyan to black. Again goto Hue/Saturation and adjust the brightness of cyan-blue range to extreme minus. Note the range selection sliders:
Copy few coordinate lines at different places of your original image to the cleaned layer for easy realignment. Paste them in place!
Copy the clean layer to the clipboard and paste it to Illustrator. Do a live trace. See the settings. Nearly all is essential:
I have used this software actively, but I'm still so clumsy of my hands that nothing beats a good automatic tracing. Unfortunately good automatic tracing is often impossible. Your image is in the premiun class of the traceables.
Here only the strokes are traced, not the fills. The selected accuracy is high. The treshold also is high to get the coordinate line snippets captured.
Copy and paste from Photoshop your original image. Send it to back and align with the trace to see the possible faults. At least there's a small gap near the right end and a stray dot. The gap is not in the following screenshot.
Expand the trace and ungroup it to be able to make edits. Obviously you want to remove the extra coordinate lines, draw some new coordinates, fill the gap, change the color, add texts etc....