Since P refers to polynomial time, it's not clear to me that a memory requirement is relevant.
It seems possible that I would need to have exponential memory but not necessarily to access it.
Is it true to say that memory not-accessed is not-needed? It's believable but not immediately obvious to me, and if it's false then there's no two-way implication.
Edit: apparently NP is a subset of PSPACE, so fair enough.