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I've tried it and neither makes any difference on the character sheet, although I suspect the PSG does make a difference against ranged damage.
Can't see any difference with or without the belt at all - perhaps it's something that makes up part of your armour when used with a whole suit rather than just on it's own. Personally I suspect it gives no additional protection at all.
It should give you the same protection on it's own that you get from, say, the gloves or a single bracer. The stats you see when you examine armor are the stats you get from wearing the WHOLE suit - if you just equip the chestplate, you do NOT have approx. 5500 kin/energy/element.
Now, the armor belts I believe got nerfed immediately post-NGE to provide an incentive for wearing stat and profession belts instead.
For the record, the energy protection granted by PSGs is not included in your stats on your character sheet, so your 2500 energy or what have you is in addition to your stats.