There are some sounds and beep info. here
http://docs.info.apple.com/article.html?artnum=86523
If you listen to the G5 low-down at the front grille you should be able to confirm if the beeps are coming from the PSU.
You could try experimenting with 'Processor Performance' in System Preferences - Energy Saver - Options.
Sometimes it may seem quieter on 'Automatic' - sometimes on 'Highest'. It also depends on the demands of the application(s) in use. Processor load and the resulting fan noise may drown out the beeps much of the time. Or perhaps the PSU does not beep when under load...
Note. If you enter "beeps" in the search box at top right in this forum, you will, no doubt, find CHUD mentioned. As you have only "very faint" beeps, it is probably not worth getting into the CHUD in your case.