Lookit, guys, get your terms right.
Sigmund Freud contributed a great deal to modern psychology. His contribution isn't recognized by everyone, and that's the reason that a distinction can be made.
What's the content of psychoanalysis? Freud gave the first evidence (as opposed to philosophical speculation) of the existence of a systematic unconscious mind. He suggested some methods for exploring it scientifically: dream interpretation, slips of language, and free association. Furthermore, Freud gave the first theoretical account of how, roughly, that subconscious mind works. Enter the much-maligned repression theory.
The theory of repression does not say that, just because the patient denies the diagnosis, that he's repressing anything. That would be highly unscientific, but that's not the theory. The theory is that if the researcher, in his discussions with the patient, discovers that the patient becomes inordinately aggressive whenever a certain topic is addressed, it's a sign of possible repression. They will act out of character – hence the importance of the psychoanalyst knowing the patient well enough to know what his character is in the first place. The diagnosis is verifiable (or falsifiable) if you know the patient (as, hopefully, the patient himself must), so it's not obvious that this is not scientific. It would be grossly negligent and unprofessional for an analyst to say, "Here's my theory about your life," and have the patient respond, "Hmm, well, but I just don't think that's so, and here's why," and then to reply, "Oh, you're just in denial." That's just not how psychoanalysis works.
Freud made other, less helpful "contributions" to psychology as well – the theory of incestuous family dynamic, the theory of penis envy, etc. But "psychoanalysis" doesn't mean "blind adherence to Freud's doctrines." A psychoanalyst is not a cultist; he's a scientist, in whose informed and professional opinion, the theory of the subconscious and its defense mechanisms represents an important and helpful theoretical device (though the particulars may be up for revision). The second- and third-generation psychoanalysts, like Carl Jung, Melanie Klein, Alfred Adler, and Eric Fromm, all disagreed with Freud on many (if not most) specifically "Freudian" points, but they all subscribed to an interest in the operations of the subconscious and in defensive mechanisms, in personal character and the relationship between organic instinct and environment in forming it, and most importantly, they all called themselves "psychoanalysts."
Psychology is the greater science within which the theories of psychoanalysis are formulated and field-tested. Different scientists pursue psychology in different ways, and as a result, psychology is divided between those who work within frameworks suggested by the natural sciences, on the one hand, and those who work within frameworks suggested by the humanities and social sciences on the other. Much confusion will naturally arise when a neuropathologist holds a psychoanalyst to the standards of the laboratory, just as if a psychoanalyst held a neuropathologist to the standards of talking cure therapy.
Because the humanities currently lacks a cohesive theory of man to parallel the natural sciences' theory of matter, scholars and scientists in the humanities and social sciences are often derided as not being "real" scientists. (To say that discussions of personality "suffer" from "circular reasoning" would be just as disingenuous as if I were to say that discussions of gravitation "suffer" from "circular reasoning.") Granted, the lack of a coherent basic integrating theoretical structure is a serious threat to the seriousness and relevance of the humanities and social sciences in general, and to psychoanalysis in particular; but that doesn't mean that it can't show results (it can), that it is unfounded (it ain't), or that the reasoning behind it is fatally flawed (the effectiveness of the application depends on the insight and discretion of the scientist, as with any application of theory).
That's the difference between psychoanalysis and psychology.