We propose a segment-based matching-pursuit algorithm where the psychoacoustical properties of the human auditory system are taken into account. Rather than scaling the dictionary elements according to auditory perception, we define a psychoacoustic-adaptive norm on the signal space that can be used for assigning the dictionary elements to the individual segments in a rate-distortion optimal way. The new algorithm is asymptotically equal to signal-to-mask-ratio-based algorithms in the limit of infinite-analysis window length. However, the new algorithm provides a significantly improved selection of the dictionary elements for finite window length.