For an object in geodesic motion, pa ka or pakb will be a conserved quantity of the motion if and only if ka (in the first case) or ka (in the second) is a Killing vector.
In the exterior region of the Schwarzschild metric, it turns out that the Killing vector ka is a unit time like vector, i.e. ka = (1,0,0,0) regardless of the coordinates. This is the underlying reason that P0 is a conserved quantity. It's a particular feature of the Schwarzschild metric that ka = (1,0,0,0) is a Killing vector, while ka = (1,0,0,0) is NOT a Killing vector. (Well, actually, there are a fair number of metrics that have the property that ka = (1,0,0,0) is a Killing vector - any static metric where the gij are not functions of time will have this property, at least in the vacuum region of the metric.)
Because it's a conserved quantity in the Schwarzschild metric, P0 is often called the "energy" of the particle, though some authors are more careful and call it the "energy parameter". The important thing to know is that this is a conserved quantity for a particle in geodesic motion in the Schwarzschild metric (or in general in a static metric). It is important to also realize that one can NOT determine the total energy of a system simply by summing up P0.
In general spacetimes, P0 is not necessarily conserved - in fact, the constant density solution for a spherically symmetric star deosn't allow P0 as a conserved quantity in the interior region of the star. This last observation comes from my own calculations, but one can confirm that (1,0,0,0) is not a Killing vector in the interior region with Killing's equation.