I want to add picklist for a custom object I have created. When I navigate to Field dependencies for that custom object and click new the Controlling field and dependent field drop down list are empty.How can I populate them with other custom object created before ?
If those objects are related you can also create set of validation rules that will define which values of picklist are allowed, but you cant hide other values.
The only way you can create such picklist is injecting some small VF page in layout. In controller of this page you can define rules of setting values on this picklist.