Solution:
There are two cases to consider.
First, assume that the lines AD and BC are not parallel and meet at S. Since ABCD is cyclic, △ASB and △CSD are similar. Then, AE/AB=CF/CD and AE/CF=AB/CD=AS/CS, so that △ASE and △CSF are also similar (∠SAE=∠SCD), and therefore, ∠DSE=∠CSF.

By similarity, we have
SFSE=SCSA=CDAB=PFPE
which means that SP is the bisector of angle S in △FSE. This implies that ∠ESP=∠FSP and hence ∠ASP=∠BSP, so SP is also the bisector of angle S in △ASB. This means that P is equidistant from the lines AD and BC. Thus
[BPC][APD]=BDAD
which is a constant (we use the notation [ABC] for the area of △ABC).
For the second case, assume that AD and BC are parallel. Then ABCD is an isosceles trapezoid with AB=CD, and we have BE=DF. Let M and N be the midpoints of AB and CD, respectively. Then ME=NF and E and F are equidistant from the line MN. Thus P, the midpoint of EF, lies on MN. Thus P is equidistant from AD and BC, and hence
[BPC][APD]=BDAD.
which is a constant.