In my experience, the main difference is gameplay. If a game is advertised as psychological horror, I'm going in expecting minimal or no inventory management. Perhaps more limited controls, a tighter narrative, scares that don't just rely on your environment but also the "what ifs?", so on. Extraneous gameplay is taken out in favor of keeping your eyes/brain peeled to the story. If a game is advertised solely as survival horror, I expect there to be some degree of inventory management, possibly a more open-ended narrative, and a lot of environmental scares.