I would consider morals to be more like things that are considered to be right or wrong. More specifically, rules that are established and conformed to. Values are more like emotional investments. People may feel more invested in one thing over another.
Even though this question clarified that this was to be from a psychological perspective, it is important to note that different psychological thought may still vary on the distinction between the two.
Morals tend to be estabished rules of conduct that do not vary. They provide an unvariable (in theory) guideline as to what is right and what is wrong.
Value implies degrees. For instance, a person may value the life of a dog and the life of a human, but most likely, one value is held higher than another.
In most psychological theories, value has a heirarchy and morals do not.
Value refers to our judgement about how desirable or undesirable something is in our opinion. Different people have different value systems. That is people differ considerably from each other in terms of things things they value. A very interesting story Bottle Imp by R.L. Stevenson is based on this such differences in value system. A man is doomed to suffer in hell after his death as he is in possession of an imp in a bottle. This imp provides the owner with all the physical comforts and riches of the world, but the if the person owns this bottle at the time of dying he or she will go to eternal hell. A man owning this bottle, values the life after death much more than the comforts of this world, and is therefore a very worried man because he cannot find a buyer to purchase this bottle with the imp. But the whole problem is solved very simply when a the bottle is purchased by a sailor who just does not care about life after death and is happy to keep this bottle with him for ever.
Moral pertains to the actual behavior rather than thoughts and beliefs that exist in mind. Two persons may value money equally, but this does not mean that both will be equally inclined to rob a bank. Our vales have substantial impact on our behavior, and therefore on our morals. But morals and values are two different things.