Don't forget that your $PATH variable in the virtual environment != your global $PATH variable. You can confirm this with 'echo $PATH' in your virtualenv and also in a new shell. So, unless you want to install PostgreSQL as a unique instance inside your virtual environment (not a thing worth doing, imo), you'll need to modify the $PATH variable within the virtualenv to include the path to your global installation (which will solve your missing pg_config error).
Here are the steps:
1.) In a new shell, type 'which pg_config'. This will return the path. Copy it. In my case, the path looked like this: /Applications/Postgres.app/Contents/Versions/9.3/bin
2.) Back in your virtualenv shell, type 'export PATH=/your-path-to-pg_config:$PATH'
3.) Then, still within the virtualenv, 'pip install psycopg2'
If all goes according to plan, this will install psycopg2 within the virtual environment, but the installation will refer to your Global PostgreSQL installation. In my case, this Global installation was installed via Postgres.App, hence the path. I prefer this method of working with psycopg2 as it means I can use the database easily within any virtualenv rather than only within the defined virtual environment.
Hope this helps anyone who arrives here. For Google juice, here's the explicit (and vague) error language returned when you run into this problem:
Command python setup.py egg_info failed with error code 1
9.4
– Pentha