Yah, psoas (a primary hip flexor, part of the "iliopsoas" muscle which = iliacus + psoas that converge at a common attachment site on the femur) attaches your femur to your lumbar spine:
http://upload.wikimedia.org/wikipedi..._Muscles_2.PNG
A situp is basically a combination of (active) spinal flexion (the abs do this) + hip flexion (your hip flexors do this, including psoas).
So, basically, tight hip flexors + situps = lots of pulling on your lumbar spine during active hip flexion, like in a situp. This can hurt.
In the context of a situp, you can help minimize this by consciously doing the crunch part first before actually pulling yourself up, but I just wouldn't bother with situps in general. If you want "core" exercises aside from what you're getting squatting, deadlifting, overhead pressing, and chinning, I'd probably just do planks (loaded and otherwise) and such. There are some gymnastic movements if you want to get really fancy.
But really, mostly not necessary. So stop it.