This is an account on the particulars of an interpretation of the original system [before the edit] presented in this question in set theory.
First we define an extended kind of rationals to suit adding a rational that is higher than all other rationals, the latter would correspond to $\infty$. The set of all those rationals shall be denoted by $\mathbb Q^*$
$\text {Define}: r \in \mathbb Q^* \iff r \subseteq \mathbb R \times \mathbb R \land [\operatorname {image}(r) = \mathbb R \lor \operatorname {preimage}(r) = \mathbb R] \land \\\exists a,b \in \mathbb Z : r= \{\langle a \times x, b \times x \rangle \mid x \in \mathbb R \}$
In the above definition $r$ is meant to represent the rational number $a/b$ for integers $a,b$.
A strict smaller than relation $<$ can be defined on $\mathbb Q^*$ as:
$r < s \iff \\ r \neq s \land \exists x \exists a \, \exists b \,( a < b \land \langle a, x \rangle \in r \land \langle b, x \rangle \in s)$
As usual elements of $\mathbb Q^*$ strictly below $0/1$ are negatively signed, those above except $\infty$ are positively signed, while the rest (i.e.; $0, \infty$) are unsigned, this can also be captured in terms of sets as the signed rationals being those which have both their images and preimages being $\mathbb R$.
So we define: $\infty = \{ \langle x,0 \rangle \mid x \in \mathbb R \}$, i.e. the reciprocal of $0/1 = \{\langle 0,x\rangle \mid x \in \mathbb R \}$
Addition of any two extended rationals $r,s$ is given by:
$r + s =\{\langle a+b,c \rangle \mid \langle a,c \rangle \in r\land \langle b,c \rangle \in s\}$
This gives: $r + \infty = \infty + r= \infty$ for all $r \in \mathbb Q$
Subtraction over $\mathbb Q^*$:
$r - s \to q \iff \\ q+s = r \lor q= \{\langle a-b,c \rangle \mid \langle a,c \rangle \in r\land \langle b,c \rangle \in s\} $
This gives: $r - \infty = \infty-r = \infty$, for all $r \neq \infty$
and $ \infty - \infty \to r $, forall $r \in \mathbb Q^*$.
Multiplication over $\mathbb Q^*$:
$r \neq 0, s \neq 0 \\ r \times s = \{\langle k \times x,a \rangle , \langle t \times h, m^2 \rangle \mid (\langle t,m \rangle \in r [s] \land \langle h,m \rangle \in s [r]) \land (\langle k,1 \rangle \in r [s] \land \langle x,a \rangle \in s [r]) \} $
Where: $(z \in r[s] \land u \in s[r])$, is short for: $(z \in r \land u \in s) \lor (z \in s \land u \in r)$
if $r =0 \lor s=0 \implies r \times s \to (r-r)+(s-s) $
So, we get: $r \times \infty = \infty \times r= \infty$, for all $r \neq 0$
and, $0 \times \infty \to r; \infty \times 0 \to r $, forall $r \in \mathbb Q^*$
Now, that we defined addition and multiplication of the extended rationals, we can define extended reals as Dedekind cuts over $\mathbb Q^*$
A Dedekind cut shall be defined here as a binary partition on $\mathbb Q^*$, with one block being an initial segment (i.e.; closed under $<$) of $\mathbb Q^*$ that is open upwardly. So, for example $\{\mathbb Q^* \setminus \{\infty\}, \{\infty\}\}$ is a Dedekind cut, and it is taken to represent the real number that corresponds to the extended rational number $\infty$, and so it'll be denoted by "$[\infty]$". The elements of a Dedekind cut are to be termed initial, terminal abbreviated as init,term, the former is the one closed dowardly, the latter is the one closed upwardly.
We can define a total order $<$ on Dedekind cuts themselves, this is given by:
$K < L \iff \operatorname {init}(K) \subsetneq \operatorname {init}(L)$
That said, then clearly $[\infty]$ is strictly greater than all other cuts. Formally this is: $$ r \neq [\infty] \implies r < [\infty]$$, for every extended real $r$.
The set of extended reals to be designated by $\hat {\mathbb R}$
As a terminology if $S$ and $C$ are nonempty subsets of $\mathbb Q^*$, then:
$S \ * \ C = \{a \ * \ b \mid a \in S \land b \in C \} $
Where "$*$" is some arithmetic operator.
Define: $X=\{S,-\} \iff X=\{S, \mathbb Q^* \setminus S \}$
Addition of extended reals:
$K+L = \{ \operatorname {init}(K) + \operatorname {init}(L), - \} $
This yields: $r + [\infty] = [\infty]$, for all $r \in \hat{\mathbb R}$
Subtraction of extended reals:
$ K-L \to X \iff \\ X + L=K \lor \\K < [\infty] \land L=[\infty] \land X=[\infty]$
Another definition is:
$K-L \to X \iff \\ X + L=K \lor \\ X = \{\operatorname {init} (K) - \{x \in \operatorname {term}(L) \mid L \neq [\infty] \to x \neq \infty \}, - \}$
This gives: $ r - [\infty]= [\infty]-r = [\infty] $, for all $r \neq [\infty]$,
and: $[\infty] -[\infty] \to r $, for all $ r \in \hat {\mathbb R}$.
Define: $\operatorname {Comp} (S) = S \cup \{\operatorname {Inf}(S)\} $
$\operatorname {Comp}$ is read as the completion set of.
Multiplication of extended reals:
$K > 0 \land L > 0: \\K \times L= \{\operatorname {Comp} (\operatorname {term}(K) \times \operatorname {term}(L)) , -\}$
$ K > 0 \land L < 0: K \times L = 0 - (K \times (0 - L))$
$ K < 0 \land L < 0: K \times L = (0-K) \times (0-L)$
$ K = 0 \lor L = 0:\\ K \times L \to X \iff (K-K) + (L-L) \to X$
Accordingly: $r \times [\infty] = [\infty]$, if $r \neq 0$;
and: $0 \times [\infty] \to r, [\infty] \times 0 \to r $; for all $r \in \hat {\mathbb R}$
Division of extended reals:
$ K/L \to X \iff X \times L \to K $
Yielding: $[\infty]/r = [\infty], r/[\infty]=0$, for all $r \neq [\infty] $;
and: $r/ 0 = [\infty], [\infty]/[\infty] \to r, 0/0 \to r $, for all $r \in \hat{\mathbb R}$.
This would establish the interpretation of the projectively extended real line in $\sf ZFC$, and also provides an answer to the undetermined expressions mentioned in the Wikipedia page, along the lines mentioned in this question. So, it proves the consistency of this system.