Looks like you may have not installed PyQt4 into the virtual environment, usually the steps are as follows:
1) Create a virtual env: virtualenv ve_name
2) Activate the created virtualenv: source path_to_ve_name/bin/activate (at this point your shell will get ve_name prepended to it, and your $PATH will get updated, so whatever you install via pip will end up going into path_to_ve_name/bin)
3) Install all the dependencies while keeping ve_name active: pip install package-name, etc.
Once you have done this, you need to install PyQt4 into that virtual environment, there's an example here: How to install SIP and PyQt on a virtual environment? It looks like a simple pip install doesn't work with PyQT, so check out the suggestions in that question.
When you are done dealing with ve_name, you just need to deactivate your virtual environment (using command deactivate from your shell). This will revert your $PATH variable, and you can either create a new ve for a new project, or resume working on the same project by reactivating the created ve.