Country Collection:
public function getCountryCollection(){
$countryCollection = Mage::getModel('directory/country_api')->items();
return $countryCollection;
}
Region Collection:
Here You will pass the your country code.
public function getRegionCollection($countryCode){
$regionCollection = Mage::getModel('directory/region_api')->items($countryCode);
return $regionCollection;
}