This letter proposes a novel approach for mel-cepstral analysis based on the psychoacoustic model of MPEG. A perceptual weighting function is developed by applying cubic spline interpolation on the signal-to-mask ratios (SMRs) which are obtained from the psychoacoustic model. Experiments on speaker identification and speech re-synthesis showed that the proposed method not only improved the speaker recognition performance, but also improved the speech quality of the re-synthesized speech.