Install the psycopg2 library with with pip install psycopg2 or add it to your pip requirements file.
In your settings.py, add an entry to your DATABASES setting:
DATABASES = {
    "default": {
        "ENGINE": "django.db.backends.postgresql_psycopg2",
        "NAME": "[YOUR_DATABASE_NAME]",
        "USER": "[YOUR_USER_NAME]",
        "PASSWORD": "",
        "HOST": "localhost",
        "PORT": "",
    }
}
When using the Flask-SQLAlchemy extension you can add to your application code:
from flask import Flask
from flask.ext.sqlalchemy import SQLAlchemy
app = Flask(__name__)
app.config['SQLALCHEMY_DATABASE_URI'] = 'postgresql://localhost/[YOUR_DATABASE_NAME]'
db = SQLAlchemy(app)
In your application code add:
from sqlalchemy import create_engine
engine = create_engine('postgresql://localhost/[YOUR_DATABASE_NAME]')