(for most chars, sans demons and robots)
PSATK = 0.02 * PSK * PST + bonus + RNG[0, 55] – distance
PSDEF = PST + 0.4 PSK + 0.33 Morale + 0.2 Bravery
PSATK's 0.02 is replaced by 0.14/0.24 for hybrid psi / multiphase amp, and IIRC, for skulljack's PSATK it's different altogether.
You can view weapon accuracy / nearly actual PSI attack value while selecting action in battlescape and holding ALT (or is it now always displayed?). IIRC, the indicator assumes and subtracts 30 PSDEF, so there's a bit of an error.
Recently, some random cultist took mind control over a soldier with PSI STR >70 (though only lightly trained with 30 BRV and nome PSI Skil but full morale).
...What? What cult? Never saw this happen. Generally, 70 PST is hard to control for Ethereals, much less random cultists.