Added (December, 2017). I came upon an observation giving also a 'trivial' proof of the reverse elementary implication of the two purely qualitative forms, multiplicative and logarithmic, of the prime number theorem: $\psi(X) \sim X \Leftrightarrow S(X) = \log{X} - \gamma + o(1)$. The following seems to have been missed in the literature on elementary methods which, at this point, seem all to quote a somewhat more involved Tauberian theorem of Axer; cf. section 8.1.1 of Montgomery and Vaughan's book (Multiplicative Number Theory: I) or, for a more general setting, chapter 14 of Diamond and Zhang's recent book on Beurling Generalized Numbers (really this paper of theirs). The simpler argument below also extends easily to number fields, supplying a particularly easy proof of the 'elementary equivalence' of Landau's prime ideal theorem and number field sharp Mertens. Incidentally, as I happen to recall, this addresses a slightly curious point that had come up in the comments to this answer of Eric Naslund. Remembering also my answer here, I figured it may be worth to record the following observation as an addendum to it, sticking for simplicity to the rational case assumed in this question.
A proof of $\psi(X) \sim X \Rightarrow S(X) = \log{X} - \gamma + o(1)$. For simplicity, let me stick to $\mathbb{Q}$. The case of a number field $K$ has the same result with $\gamma$ generalized as the 'Euler-Kronecker invariant' $\gamma_K$.
The key is to observe that the formula $$ X^{-1} \log{X!} = \sum_{n \leq X/T} \frac{\Lambda(n)}{n} + \sum_{m \leq T} \frac{1}{X} \Big( \psi\Big( \frac{X}{m} \Big) - \psi\Big( \frac{X}{T} \Big) \Big) + O(1/T) $$ holds uniformly in the two parameters $X, T \geq 1$, with an absolute implied coefficient. It interpolates between Mertens's estimate (case $T = 1$) and Chebyshev's convolution formula $\log{X!} = \sum_m \psi(X/m)$ (case $T = \infty$). But the general formula also follows, after a moment of reflection, from Chebyshev's argument with the prime factorization of $X!$. Divide the moduli into the ranges $n \leq X/T$ and $n > X/T$. The total contribution of the latter are exactly accounted for by the second sum. For a small modulus $n \leq X/T$, the contribution via the prime factorization is $X^{-1} \lfloor X/n \rfloor \Lambda(n) = \frac{\Lambda(n)}{n} + O\Big(\frac{\Lambda(n)}{X}\Big)$, neglecting the fractional part. The $O(1/T)$ term then comes from summing these for $n \leq X/T$, and using Chebyshev's estimate $\sum_{n \leq Y} \Lambda(n) \ll Y$. (In the number field generalization, the latter estimates extend as lattice point counts.)
Now, by Stirling's asymptotic, the qualitative $\psi(X) \sim X \Rightarrow S(X) = \log{X} - \gamma + o(1)$ implication is immediate from the observed formula upon first letting $X \to \infty$ and then $T \to \infty$.