In an 8051-based system without external program memory, the program-store enable (PSEN) pin is useless. However, you can indirectly control this pin using software. To do so, you execute the move-constant- (MOVC-) instruction-implementing table look-up. By accessing locations in external program memory (which is actually nonexistent), you can produce pulses on the PSEN line without disturbing program flow. Although you need a register for storing output data, you don’t have to install a decoder.
source:http://edn.com/archives/1996/010496/01di7.htm