You create .profile in the same folder as .bash_profile, namely in /Users/your-user-name/ also available under ~ or $HOME.
You can add the line using a text editor or command line editor of your choice (like vim, emacs or nano), but you can also do it with Text Edit:
open -a TextEdit ~/.bash_profile
Where to put the export command?
One important thing: If you already have a .bash_profile, your .profile will not be loaded automatically. From bash's manual:
it looks for ~/.bash_profile, ~/.bash_login, and ~/.profile, in that order, and reads and executes commands from the first one that exists and is readable.
Because of that, when you already have a ~/.bash_profile file and create a ~/.profile, the latter will never be read by bash automatically. You can add the appropriate export command in your ~/.bash_profile and it will work just fine if you always use bash:
export PATH=/usr/local/mysql/bin/:$PATH
Source .profile from .bash_profile
If you want to have a separate .profile, you need to manually include it from ~/.bash_profile. Put the following in ~/.bash_profile:
source ~/.profile